ICE cotton higher
Nearby months were trading on gains ranging between 22 to 72 points by 1334 GMT. March ’23 futures open on positive ground (+19) and immediately continued its upward path, moving to an intraday high of 86.85 cents/lb (+124) just before 0500 GMT. The spot month remained at or near the top of its range over the next 45 minutes before falling just below unchanged around 0630 GMT. Prior to the release of the US export sales report, March cotton had moved back to modest gains and after the release the most active contract gained ground and was trading 72 points higher by 1334 GMT.
For the week ended January 26, US export sales of upland cotton for the 2022/23 crop year amounted to 171,200 running bales, which included new sales for 199,600 bales and cancellations for 28,500 bales. For the 2023/2024 marketing year, new sales were reported at 20,200 bales. Upland export shipments during the week for the current season were reported at 212,200 running bales.
Cotton futures on China’s ZCE settled between unchanged to modestly lower overnight. By midday, the US dollar was trading lower while corn, soybeans and wheat were trending higher.
The ICE cert stock report is delayed today owing to technical issues.
Volume was estimated at 8,800 and nearby months were trading as follows by 1334 GMT:
- ICE No. 2 cotton settles lower
- USDA forecasts US planted cotton acres at 11.3 million
- Stormy weather forecast for southern US; warm, windy, dry conditions prevail across Texas
- US outstanding sales and exports
- ICE cotton mixed
- ICE No. 2 cotton settles higher
Posted in: Cotlook Headlines News
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