A lower opening this morning was a reflection of a lack of overnight demand in the export market as much as it was a little outside weakness in the overnight CBOT markets.
In time the March and May contracts managed to open unchanged to a tough higher, though levels hit on the opening proved to be the highs for the day.
Indeed there came into effect some light commercial selling and this was followed by local selling to pressure prices across the board. Noticeable was also December losing a little favor with some producer directed selling throughout the session. For the most part though, and in similar fashion
to what has transpired throughout much of this week, prices came to a halt and barely traded throughout the middle two hours of the session. And to think that ICE want 22 hour trading for Cotton Futures!.
Spread trading was quite active in the March / May, with again there being good consensus on value around the 100-105 area May over between the Funds and Commercials.
Options activity was almost non existent with just 1800 calls and 900 puts changing hands throughout. By the sessions end though prices weakened back to the lows to close with active month losses of 22-35 points. Estimated volume today was 13,000 lots.
CCC loan stocks increased another 489,845 bales this week, taking the yearly total up to 17.02 million bales entering the loan. Of these some 3.45 million have been repaid ( popped ) leaving a net figure of 13.57 million bales entrenched in the loan.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
