May 5 (Reuters) -ICE cotton futures extended gains and were headed for their best week in more than a month on Friday, drawing support from improved sentiment across wider markets and robust exports.
* The second-month July cotton contract CTc2 rose 2.04 cents, or 2.5%, to 83.8 cents per lb by 1034 EDT (1434 GMT). It traded in a range of 81.81 to 84.52 cents a lb on Friday.
* Cotton was up for a second week in a row, with a gain of about 3.6% so far.
* Thursday's jump prompted ICE Futures U.S. to expand cotton futures daily price limit to 5 cents per pound.
* "It is still dry in many cotton areas and that's the supportive factor as well but I believe this is just as much a follow through from yesterday's limit up move due to the export sales report," said Jack Scoville, vice president at Chicago-based Price Futures Group.
* The U.S. Department of Agriculture's (USDA) report showed exports of 24,800 running bales (RB) were up 20% from the previous week. EXP/COT
* Wall Street's main indexes gained as Apple's upbeat results underscored resilience in corporate earnings, while a stronger-than-expected jobs report eased fears of an imminent economic downturn. .N
* Lending support to the natural fiber, oil prices also rose, making polyester, a cotton substitute, more expensive. O/R
* Chicago corn futures were poised to end the week with marginal gains on news of canceled sales to China and strong competition from Brazil, while wheat is on track for a first weekly rise in three amid uncertainties over a Black Sea export deal.GRA/
Reporting by Rahul Paswan in Bengaluru; Editing by Shweta Agarwal