1455 EDT [Dow Jones] - ICE Dec cotton fell Wednesday as follow-up speculative
fund buying ebbed and traders booked profits on the run-up past two-year highs.
Lightly traded nearby October actually vaulted to a 15-year peak on the rally.
While cotton's rally was largely fund-driven, fundamentals remain bullish.
Traders concerned about shrinking Pakistani output, quality issues in China due
to heavy rains and quality issues in South Texas after Hermine dumped several
inches of unwanted rain on the crop that had been around 31% harvested. Volume
is estimated at 11,300 contracts, with 5,269 calls and 3,667 put options
traded. Most active Dec cotton lost 0.62 cent, or 0.68%, to settle at 90.56
cents a pound.