Oct 30 (Reuters) -U.S. cotton futures slipped more than 1% on Monday, as traders booked profits after prices hit an 11-day high in the last session, while a weaker dollar and higher equities capped further downside.
* The cotton contract for December CTc1 fell 1.16 cents, or 1.4%, to 83.22 cents per lb at 1:03 p.m. ET (1703 GMT). It traded in a range of 83.22 and 85.25 cents a lb.
* Prices were on track for their biggest drop in six sessions after having scaled a session high of 85.25 cents, just shy of Friday's 11-day peak.
* "It really comes down to simple profit-taking before the end of the month... from the highs that we scored on Friday up above 85 cents," said Jon Marcus, president of Lakefront Futures and Options brokerage, in Chicago.
* Funds reduced their net long position in cotton futures on ICE U.S. by 10,590 contracts to 8,707 in the week to Oct. 24, data from the Commodity Futures Trading Commission (CFTC) showed on Friday. CFTC/
* Marcus added cotton prices will "trend sideways for a while," seeing 87 cents as a good selling area and expecting buying at around 82 cents.
* The dollar slid, making cotton less expensive for overseas buyers, while Wall Street gained, putting a floor under the prices. USD/ .N
* Oil prices fell 3%, making polyester, a substitute for cotton, less expensive. O/R
* Elsewhere, Chicago wheat futures fell more than 1% as shipments from Ukrainian Black Sea ports resumed, while soybean futures hit their highest in six weeks amid strong demand for U.S. beans and soymeal. GRA/
Reporting by Deep Vakil in Bengaluru; Editing by Shailesh Kuber
Source: Reuters