NEW YORK (Dow Jones)--Cotton prices consolidated lower Wednesday as the
market took a breather from its recent relly.

Nearby cotton for October delivery settled 0.51 cent, or 0.6%, lower at 84
cents a pound on ICE Futures U.S. The most actively traded December contract
settled 0.33 cent, or 0.4%, lower at 79.47c.

Cotton prices have risen 7% since July 9 as nearby supplies continue to
dwindle. On Tuesday, October futures settled at their highest levels in five
weeks. Though U.S. cotton production is expected to rise nearly 50% with this
fall's U.S. harvest, prices continue to rise as the early portion of the crop
is thought to have been sold. Backup supplies in exchange stocks continue to
dwindle.

"For now the reality of supply being a little snugger is supporting cotton,"
said Sterling Smith, market analyst at Country Hedging in St. Paul, Minn.

ICE daily cotton stocks decreased by 2,667 500-pound bales Tuesday to total
41,478, according to exchange data.

ICE cotton open interest--the number of active positions left at the end of
the session--increased by 3,324 positions Tuesday to total 179,080, according
to the exchange.

Volume was estimated 11,025 lots. In options, approximately 1,076 calls and
2,918 puts traded, according to exchange data.

Close Change Range
Oct 84.00 -0.51 83.94-85.00
Dec 79.47 -0.33 78.97-79.95
Mar 77.43 -0.56 77.18-77.92