ICE cotton lower

Nearby months extended their losses from yesterday, settling between 10 to 18 points lower. December ’25 futures opened at 65.74 cents/lb (-3) and gained modest ground early in the session before falling under pressure and dropping 16 points lower by 0630 GMT. Over the next 30 minutes, the lead month reversed course, moving to a high of 65.90 cents/lb (+13) before meeting resistance and losing ground over the next several hours, bottoming out at a low of 64.70 cents/lb (-107) by 1425 GMT, its second lowest level on record. Buyers returned, lifting the nearby month back to modest losses towards the end of the session to settle at 65.59 cents/lb (-18).

The US Federal Government shutdown at midnight after Congress failed to reach a deal on a spending package, marking the first government shutdown since 2018.

ICE estimated volume at 58,200 contracts, higher than yesterday’s 57,532. At the time cotton settled, the US dollar was trading higher, as well as corn, soybeans and wheat.

Total open interest rose by 2,499 contracts to 278,283, remaining at its highest level since April 4 (285,401). December ’25, May ’26 and July ’26 interest increased by 2,598, 747 and 404 contracts, respectively, to 170,250, 17,086 and 13,473 while March ’26 interest decreased by 1,513 contracts to 56,708.

Certificated stocks were last reported at 17,891 bales, which included new certs for 2,417 bales and moving to its highest level since August 14 (18,242). There were no bales awaiting review and no bales reported in both cert stocks and CCC loan as of September 30.

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