15:19 EDT - Cotton futures whipsawed in a wide range, hitting a fresh four-month high in early trade before plunging limit-down. Futures spent the rest of the session clawing back to settle just below even. Robust USDA export sales were behind the early move higher, but as short-covering dried up and merchant hedging continued, prices dropped. Ongoing concerns about short-term supplies then helped prices to recover. Hackett Financial's Shawn Hackett says near-term price action will likely continue to be volatile. ICE cotton for December delivery settled 0.2% lower at 77.72c/lb.