DJ MARKET TALK: Cotton Consolidates Ahead of Supply/Demand Data

15:53 (Dow Jones) Cotton futures edged higher in thin volume as market players anticipate the USDA's October supply/demand report, due Thursday morning. "On balance, US cotton fundamentals are likely to loosen moderately in October from earlier forecasts, portending modestly softer futures prices in the near term," says INTL FCStone's Gary Raines. "What's more, China's recent decision to suspend cotton imports for the remainder of 2012 effectively squelches demand from America's largest customer of cotton," he adds. ICE cotton for December delivery settled 0.4% higher at 71.78c/lb.