By admin       2016-08-01

ICE cotton futures fell on Thursday after the release of a negative export sales report and as the natural fiber continued to face competition from low-priced synthetics. The United States exported 44,600 running bales of cotton for the week ended July 21, the fewest for the 2015/16 marketing year and down 38 percent from the previous week, government data showed.With crude oil prices falling, the synthetic blends are becoming cheaper while cotton has been holding a premium price," said Michael McDougall, director of commodities for Societe Generale in New York. Oil prices fell nearly 2 percent on Thursday, to three-month lows, after a fresh stock build at the delivery hub for US crude futures added to concerns that producers were pumping more than needed.The December cotton contract on ICE Futures US settled down 0.51 cent, or 0.69 percent, at 73.04 cents per lb, the largest percentage fall in more than a week. It traded within a range of 71.65 and 74.11 cents a lb. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.22 percent. CBOT December corn futures eased 5-1/4 cents to $3.37-3/4 per bushel and CBOT November soybeans were down 10 cents at $9.76 per bushel. CBOT September wheat was down 5-1/4 cents at $4.09-1/2 per bushel.

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