"The July contract has reversed. It's showing weakness and that's a little confusing because the sales have been so good. We hear demand is softening, it's not nearly as good as it was two or three weeks ago," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.
The May cotton contract on ICE Futures US settled up 1.39 percent at 80.09 cents per lb on Monday. "The May contract has liquidated... There were a couple of receivers, in the small amount of notices tendered. May is therefore history," Rogers said.The July cotton contract on ICE Futures US settled down 0.54 cent, or 0.68 percent, at 78.79 cents per lb. It traded within a range of 77.78 and 79.63 cents a lb. Total futures market volume fell by 1,161 to 25,884 lots. Data showed total open interest gained 2,668 to 242,874 contracts in the previous session.