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Cotton Summary: December 14, 2017

ICE cotton prices flipped around today settling higher across the board with the March contract up 122 points to 74.13. Today’s market performed more in the way most thought it would have yesterday given the December WASDE report showing lower World and US Ending Stocks. ICEfutures volume was estimated at 27,764 contracts as compared to 33,842 in which open interest +1,289 contracts. Today’s low at 72.91 was made near the open last night. The session high at 74.23 was made in the final half hour of trading this afternoon. We mentioned the large TAS activity today and spreading accounted for 44% of today’s volume. Mar/May traded 4,176 times, including TAS, settling +17 at -0.42. May/July traded 1,348 times and settled +5 at -0.32.