The ICE Dec contract gave up a point on Fri, settling at 68.03 – unchanged on the week. The settlement was within the lower one half of the trading range. The Mar contract lost a point at 68.31, the net effect leaving the Dec – Mar spread strengthened at (33). Volume for Dec delivery slowed at just above 13K lots while Dec OI contracted again at approximately 154.3K contracts.
For Mon…
The ICE Dec contract took a push on the week, finishing at 68.03. However, the Dec – Mar spread strengthened by 40 points to 33 points of carry amid continued strong demand for US bales.
For next week…
The ICE Dec contract picked up 25 points, post the release of very strong US export data and amid continuing rains across W TX, settling at 68.04. The settlement was within the upper one half of the trading range. The Mar contract lost a point at 68.31, the net effect leaving the Dec – Mar spread strengthened at (27). Volume for Dec delivery quickened at just above 14K lots while Dec OI contracted again at approximately 156.7K contracts.
For today…
