June 13, 2018 / 7:52 PM / 4 months ago

ICE cotton futures flat ahead of U.S. export sales report

    June 13 (Reuters) - ICE cotton futures settled little
changed on Wednesday, ahead of a weekly exports sales report by
the U.S. Department of Agriculture (USDA). 
    * The most active cotton contract on ICE Futures U.S., the
third-month December contract              , settled up 0.03
cent, or 0.03 percent, at 92.93 cents per lb. It traded within a
range of 91.92 and 93.69 cents a lb.
    * The USDA's weekly export sales report is due on Thursday.
    * "The market is waiting for sales (report) to come
tomorrow," 
said Rogers Varner, president of Varner Brokerage in Cleveland,
Mississippi.
    * Market participants are keeping a close watch on rain in
Texas,
the major cotton-growing region in the United States.
    * Texas is turning cautiously optimistic even if time is
running
out as separate tropical systems in both the Pacific and in the
Caribbean give West Texas and South Texas respectively, chances
for meaningful precipitation early next week, Ron Lee, general
manager at McCleskey Cotton in Bronwood, Georgia, said in a note
on Wednesday.
    * Meanwhile, India's cotton exporters have signed contracts
to
ship 500,000 bales (85,000 tonnes) of their new season harvest
to China as the world's biggest consumer of the fibre looks to
raise its imports in the next crop year, industry officials told
Reuters.             
    * "The (U.S.) market hopes for significant new demand from
China,
but must wait until Friday when the Trump administration will
announce its next moves against the Chinese," Jack Scoville,
vice president with Price Futures Group in Chicago, said in a
note.   
    * "Cotton would be a loser in a trade war with China as
China once
again looks ready to become a major world buyer."
    * Total futures market volume rose by 12,412 to 65,774 lots.
Data
showed total open interest fell 1,947 to 309,608 contracts in
the previous session.
    * Certificated cotton stocks CERT-COT-STX deliverable as
of Jun
12 totaled 79,472 480-lb bales, up from 78,421 in the previous
session.


 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by David
Gregorio)
  
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