Nov 2 (Reuters) -U.S. cotton futures rebounded on Thursday to snap a four-session losing streak after a federal report flagged a marketing-year high in U.S. export sales of the natural fiber, led by top buyer China.

* The cotton contract for December CTc1 rose 0.52 cent, or 0.7%, to 79.96 cents per lb at 1:26 p.m. EDT (1726 GMT) after jumping as much as 1.7% from a four-month low hit in the previous session.

* The U.S. Department of Agriculture's (USDA) weekly export sales report showed net sales of 457,100 running bales in the week ended Oct. 26, their highest level for the marketing year 2023/2024. EXP/COT

* Around 70% of the sales were driven by China, and the report also showed overall exports were up 35% from the previous week at 132,200 running bales.

* "With the market bouncing at the good export sales report, we could see the speculator selling back off now," said Peter Egli, director of risk management at British merchant Plexus Cotton.

* In the week to Oct. 24, speculators more than halved their net long position in ICE cotton futures. CFTC/

* "I would expect that the market finds some kind of equilibrium again in the high 70s, low 80s," Egli added.

* Prices also got a boost as the dollar index .DXY eased 0.7%, making cotton less expensive for overseas buyers. USD/

* Swiss-based sustainability group Better Cotton said it has added new functions to a platform that big retailers use to trace materials through their supply chains. nL1N3C22BO

* Elsewhere, U.S. soybean futures rose after China said imports will likely stay high as it sets an all-time record for purchases of the crop this year while weather concerns remain in Brazil. GRA/

Reporting by Deep Vakil in Bengaluru; Editing by Devika Syamnath