Cotton ended the week quietly lower after we witnessed an 8 cent trading range in the N'10. Its been a wild ride this week as options expired today and the spread narrows. There was a smaller decert of only 19k bales today but there is no more awaiting review so we should see cert stocks remain under pressure which is friendly. Volume was good again today as the Goldman roll came to an end.

Most eyes were turned to South Africa today as demand is light after the strong bounce in N'10 this week. However, after an 8 cent rally, we came 250 pts off the highs to settle around 81.50. With only 8 days before FND and less than 50k open interest, the last few days of the N'10 could be very volatile. The possible scenarios lean toward the upside due to the current tight stocks so we will just have to wait and see how it plays out.