Cotton futures rallied to post an outside-range reversal Monday on the heels of an unexpectedly small U.S. crop forecast and a slight downward revision in record high world ending stocks.
The December contract settled on a new seasonal high close at 90.08 cents, near the top of its 264-point range from down 118 points at 87.75 to up 146 points at 90.39. March closed up 87 points to 87.75 cents.
Volume increased to an estimated 27,000 lots from 17,358 lots the previous session when spreads totaled 6,442 lots or 37%. Options volume totaled 6,133 calls and 12,622 puts.
All-cotton production ...