No.2 cotton futures under pressure

Carryover selling caused No. 2 cotton futures to open at around unchanged to slightly lower today amid lack of support. Front months quickly moved downward in the first couple of hours before buyers entered the market. Nearby deliveries chopped in a narrow, sideways manner for much of the early trading hours. However, once buy orders were filled, futures began falling, with the December ’24 contract hitting a low of 70.21 cents/lb at around 1400 GMT. Light buying at the bottom halted losses, and futures started climbing. Nonetheless, the market remains under pressure amid a modest turnover.

Due to today being a federal holiday, the crop progress and export sales reports will be pushed back a day this week.

Total open interest fell to 260,625 contracts (-6,178), with declines reported in December ’24 (-13,568) to 78,158 and in July ’25 (-609) to 28,144. Meanwhile, increases were witnessed in March ’25 and May ’25, respectively, to 96,920 contracts (+6,490) in the former and 31,027 (+1,187) in the latter. December ’25 interest rose by 324 to 25,252 contracts.

Certificated stock remained unchanged at 174 bales. There were not any bales awaiting review and zero bales in both cert stock and CCC loan as of November 8.

Front months were trading as follows at 1432 GMT:

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