DTN Cotton Close: Lower Ahead of Dec. Options Expiration

    Moving cotton modules into line during harvest. ©Debra L Ferguson

    The cotton market finished lower Friday ahead of December’s options expiration and poor export-sales data.

    Spot December settled at 117.69 cents Friday, suggesting all purchased puts below 117 cents will be worthless and all calls bought above 118.00 cents are also valueless. Of course, the full effect of option expiration regarding total open interest will not be known until Monday. Of course, spot December enters its delivery on Nov. 23.

    China has only brought about 60% of the required amount it agreed to under the phase-one trade treaty done under President Trump. That agreement expires Dec. 31 of this year.

    As of Friday’s closing, December cotton is up 0.82 cent for the week, up 2.84 cents for the month and 43.99 cents higher on the year.

    For Friday, December settled at 11.69 cents, down 0.85 cent, March ended at 115.08 cents, down 0.33 cent and December 2022 ended at 91.65 cents, 0.09 cent higher; estimated volume was 62,324 contracts.

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