ICE cotton futures were higher Monday amid restrained volume.
ICE cotton futures were higher Monday amid restrained volume. The estimate of combined traded contacts was 15,000. New Crop December Cotton settled 8544, up 100 points from Friday’s close. As a side note, Spot July expired Monday at 8716, up 78 points.
The fact old crop closed premium to new crop is something of a psychological positive to the overall complex. Still, the ultimate fate for December cotton will be via the growing conditions of the summer. USDA will release its latest crop condition data at 4 p.m. Monday.
Yet, more dynamic numbers will be forthcoming this Thursday when USDA releases its July Supply-Demand and Weekly Sales and Exports reports. Unless some unforeseen fundamental event emerges, the Market will likely chop into Thursday.