The fundamentals of ICE Jul contract remain firm

The total export sales of 2021/22 U.S. upland cotton and Pima reach 3.626 million tons, about 113% of the forecast export volumes, and export shipments total 2.459 million tons, about 68% of the total export sales. Export shipments are relatively slow. Though the unfixed call sales of ICE Jul contract have rolled towards Dec contract, by Jun 3, the unfixed call sales of Jul contract are still highly at 27,948 lots, equivalent to 630,000 tons.