ICE cotton futures edged lower on Wednesday as investors remained cautious ahead of the US Department of Agriculture's (USDA) monthly crop supply and demand report.
Cotton contracts for December fell 0.18 cent, or 0.3%, to 63.63 cents per lb by 12:57 p.m. ET (1757 GMT), trading within a range of 63.45 and 64.11 cents per lb.
“I don't think is anything much going to happen until the crop report on Friday, we not are going to see a lot of activity in the cotton market," said Sid Love, commodity trading adviser at Kansas-based Sid Love Consulting. “The market is not looking for much change compared to last month's report as far as world numbers and US numbers, so the market is expected to go sideways here."
The USDA's monthly World Agriculture Supply and Demand Estimates (WASDE) report is due on Friday.
Also on investors' radar is weekly export sales data from the USDA, due on Thursday.
On the trade front, a meeting between US President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday. Earlier in the week, reports said that China is pushing Trump to remove more tariffs imposed in September as part of a “phase one" trade deal.
