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ICE Cotton July futures drops 727 points this week
Jun '14
The specs really took a bite out of the market this week. Unlike other biters, they will still be allowed to play for the next four months as we make our way into new crop. July ICE Cotton futures had a wild ride going into first notice day (FND) and dropped 727 points over last week’s close. 
The spread also fell apart as December closed 241 points down over last week. Teeth or no teeth, traders are involved in the cert stock game with some issuing notices and others as takers of cert cotton now that July has entered the notice period.
With the USDA numbers divorced from reality, market players are talking amongst themselves, following weather patterns, and consulting market “gurus” to determine how much cotton we will actually be dealing with this next marketing year.
Those few eyes not focused on Brazil are looking at the water situation in India and Pakistan. Business for new crop and some remaining current crop is being done in markets across the world. Volumes are mixed, as are prices, but traders are happy to book the business.


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