Ouch for sure, most definitely coming from the Nov side. Interestingly May'16 also showed a similar drop to Nov whereas the other 2016 contracts did not.
https://uaex.zoom.us/webinar/register/7b6b9961f0f187ba7c24e00bf0acd2b8 Cotton Market Outlook Description: The Webinar will focus on the current outlook for key supply, demand, ending stocks, and price outcomes for U.S. cotton. We will also examine outside market influences like speculative funds, the U.S. dollar, and the general economy. Presenter: John Robinson, Professor and Extension Economist/Cotton Marketing at Texas A&M University.
Out @ -9.25. Still a positive trade but lost 2/3 of what I had made. This spread rallied almost to my entry point during the overnight session while outrights barely moved. The commercials must be involved and I am out.
last time i spoke with ice they do not have ics for w-sb or cc-c because of venue for each product (ifus vs iflx) they are working on bringing them all on same venue so they clear the same and can make a spread. dont quote on me on this though, i like the non-exchange support spreads.