ICE futures settle modestly lower today, with December ending at 61.72 cts (-33)

Nearby futures traded on both sides of the market today, as technicals influenced trading. The December contract opened on positive ground and remained within a narrow price range during the early hours.

Buying interest increased after the USDA’s Export Sales report of better than expected sales registrations. The spot month quickly rose to its high of 62.45 cents before encountering selling. Support at the lows, however, was reported, and prices bounced back.

After failing to break through a key technical level of 62.50 cents, though, renewed selling occurred. Futures began falling, and nearby deliveries ended the day on negative ground.

Certificated stocks moved lower to 43,604 bales after 1,024 decerts and 264 new certs were reported yesterday. Open interest decreased to 189,599 (-162) from Wednesday.

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