ICE No. 2 cotton settles moderately lower

Nearby months ended to the downside, settling on losses ranging between 35 to 71 points. December ’24 futures opened at 70.80 cents/lb (-11) and lost a few points, dropping 14 points lower as soon as the market opened. The most active contract quickly reversed course, moving to positive ground and reaching a high of 71.36 cents/lb (+45) by 1200 GMT. The nearby month met some resistance, and a mixed tone ensued until December cotton decisively fell to the downside around 1435 GMT and continued to meet resistance, eventually falling to a low of 70.22 cents/lb (-69) late in the session. The most active contract ended near the bottom of its range at 70.26 cents/lb (-65).

ICE estimated volume at 24,200 contracts, lower than Friday’s 33,680. At the time cotton settled, the US dollar was trading higher, as well as soybeans while corn and wheat were trending lower.

Total open interest declined by 3,024 contracts to 228,910. December ’24 and March ’25 interest decreased by 2,968 and 318 contracts, respectively, to 146,371 and 40,971 while May ’25 and July ’25 interest increased by 318 and 550 contracts, respectively, to 17,161 and 10,079.

Certificated stocks were last reported at 9,413bales, unchanged and remaining at its lowest level since March 6 (1,547). There were no bales awaiting review and no bales reported in both cert stocks and CCC loan as of August 23.

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