By admin       2017-10-23

ICE cotton futures inched lower on Thursday, touching a near two-month low, after data from the US Department of Agriculture showed that exports dropped to a marketing-year low, offsetting gains from higher net sales. Cotton contracts for December settled down 0.32 cent, or 0.47 percent, at 67.31 cents per lb. It traded within a range of 67.26, its lowest since Aug. 21, and 67.88 cents a lb. "This morning we had very strong weekly sales, but we had a marketing-year low on actual shipments of cotton, so that was something of an offset," said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia. Earlier, the US Department of Agriculture reported that net sales of 253,200 running bales (RB) for 2017/2018 were up 64 percent from the previous week and 39 percent from the prior four-week average. The report showed exports of 86,100 RB - a marketing low - were down 27 percent from the previous week, however, and 36 percent from the prior four-week average. "The weather is very clear in much of the cotton belt and the dollar was down today, but it has been on a bit of an uptrend, so that's a little negative for cotton," Brown added. Total futures market volume rose by 1,121 to 19,014 lots. Data showed total open interest fell 185 to 229,627 contracts in the previous session. Certificated cotton stocks deliverable as of Oct. 18 totalled 3,586 480-lb bales, down from 4,465 in the previous session. The dollar index was down 0.11 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.04 percent.

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