REUTERS: Cotton slips on stronger dollar, focus on WASDE report
REUTERS: Cotton slips on stronger dollar, focus on WASDE report

REUTERS: Cotton slips on stronger dollar, focus on WASDE report

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April 10 (Reuters) -ICE cotton futures fell on Monday weighed down by a stronger dollar, while market participants await the monthly supply and demand report from the U.S. department of Agriculture.

* Cotton contracts for May CTK3 fell 0.54 cents, or 0.7%, to 82.66 cents per lb by 13:00 EDT (1700 GMT). It traded between 82.55 and 83.63 cents a lb.

* The dollar is up pretty sharply, so that's not helping out prices, said Jack Scoville, vice president at Chicago-based Price Futures Group.

* The U.S. dollar .DXY gained 0.6%, making cotton more expensive for overseas buyers. USD/

* Further pressuring prices, oil prices fell on concerns that the Federal Reserve will continue to raise interest rates. .N O/R

* The U.S. Department of Agriculture's (USDA) monthly report on world supply and demand is due on Tuesday.

* We have the supply and demand report coming out tomorrow, so that's keeping the market in a narrow range, added Scoville.

* Meanwhile, Chicago wheat futures climbed 1%, rising for the first time in four sessions as Russia's threat to bypass a UN-brokered grain deal underpinned prices.

Reporting by Rahul Paswan in Bengaluru; Editing by Shailesh Kuber


Source: Reuters

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