ICE cotton moderately lower

Nearby months were trading under pressure and on losses ranging between 40 to 54 points by 1141 GMT. December ’22 futures initially moved to positive territory as soon as the market opened, reaching an intraday high of 85.58 cents/lb (+66). Resistance was quickly met as sellers became active and over the next several hours, the lead month continued to lose ground, dropping to an intraday low of 83.40 cents/lb (-152) around 0700 GMT. Buyers returned, raising December cotton off its low and by1141 GMT, the nearby month was trading down 47 points.

USDA’s weekly exports report is delayed this week until tomorrow, October 14, owing to the Federal holiday on Monday.

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

Volume was estimated at 4,100 and nearby months were trading as follows by 1141 GMT:

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