ICE cotton lower

Nearby months were under pressure Tuesday morning, trading between 6 to 126 points lower by 1200 GMT. March ’22 futures opened moderately lower (-48) and tried to gain ground, moving to an intraday high of 115.65 cents/lb (-32) early in the session. Selling picked up, dropping the lead month to triple-point losses, falling to an intraday low of 114.60 cents/lb (-137) just after 0630 GMT. The most active contract moved off its low but remained near the bottom of its 105-point range over the next several hours and by 1200 GMT, March cotton was trading down 121 points.

Tomorrow is the first notice day for December ’21 futures and no notices will be issued.

Cotton futures on China’s ZCE settled on losses overnight. By midday, the US dollar was trading higher, as well as wheat while corn and soybeans were trending lower.

Volume was estimated at 2,800 and nearby months were trading as follows by 1200 GMT:

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