The ICE cotton contracts had another up week with lead month Mar gaining 156 points, settling at 76.41 even as index funds began to roll longs into deferred contracts. May will likely be the defacto lead month the next time that we pen this column. The July – Dec inversion, at times, exceeded 400 points over the week’s course, and this should serve as an alarm to producers to strongly consider making new crop marketing plans. While an inversion is supportive to bullish over the near-term, the opposite is true for deferred contracts.
For this week…