Fed holds interest rates steady. Relatively slow U.S. export sales expected. Bangladeshi textile group visits U.S. Cotton Belt.

Cotton futures meandered to a lower finish on light volume Wednesday, snapping a string of three higher closes in a row.

July settled down 60 points at 78.77 cents, near the low of its 81-point range from up seven points at 79.44 to down 74 points at 78.63. It touched the high overnight and spent virtually the whole day in the red.

Maturing and thin May, which expires Monday, settled down 14 points at 80.69 cents. December closed down 40 points at 74.53 cents, a couple of ticks off the low of its 49-point range from 75 to 74.51 cents.

The cotton market showed little reaction on news late in the session that the Federal Reserve held short-term interest rates steady, as expected, and offered little indication that recent softness in economic data would alter plans for gradual interest rate increases this year.

Volume declined to an estimated 16,135 lots from 19,152 lots the previous session when spreads accounted for 6,531 lots or 34% and EFS 49 lots. Options volume rose to 4,127 lots (1,775 calls and 2,352 puts) from 3,968 lots (1,460 calls and 2,508 puts).

With uncommitted inventories low, the USDA report on U.S. weekly export sales for shipment this season generally is expected on Thursday to show another round of relatively slow business.

Upland sales the prior week were the slowest since mid-September. However, cumulative sales are up 70% from a year ago and are nearly 102% of the forecast.

The USDA still is expected to raise its export estimate and lower 2016-17 ending stocks in next weekΆs supply-demand report, but some analysts have wondered whether another sales slowdown might give it pause.

Shipments, though at a 13-week low for upland in the last report, have remained well ahead of the pace needed to reach the forecast.

Meanwhile, executives from 12 Bangladeshi textile mills are participating in a special trade mission aimed at increasing U.S. cotton exports to those manufacturers.

The group is on a weeklong tour of the Cotton Belt, conducted by Cotton Council International, which will end Saturday. The participants represent mills expected to consume about 705,000 bales in the 2016-17 season, about 11% of BangladeshΆs cotton consumption.

Bangladesh is the worldΆs leading cotton importer and fourth largest cotton consumer, CCI President Eduardo L. (Eddy) Esteve, a Dallas cotton merchant, pointed out. It ranks as U.S. cottonΆs ninth largest market with commitments of 593,000 bales thus far this season.

The mission is intended to reinforce that U.S. cotton “is of superior quality and the worldΆs preferred fiber,” Esteve said, adding that the participants are being reminded that “we are committed to delivering our fiber to them in a very timely manner.”

The delegation began the tour in New York with a CCI briefing and an ICE futures seminar. Then the group was to see cotton research in North Carolina, tour the USDA classing office in Bartlett, Tenn., and visit a cotton farm and gin in West Texas. Meetings were planned with exporters in the Cotton BeltΆs four major regions and with industry organizations.

Futures open interest expanded 2,880 lots Tuesday to 260,058, with MayΆs down five lots to 40, JulyΆs up 1,977 lots to 140,522 and DecemberΆs up 766 lots to 104,333.

Certified stocks edged up 32 bales to 321,774. There were 3,915 newly certified bales and 3,883 bales decertified. Awaiting review were 4,049 bales, including 88 at Galveston and 3,961 at Memphis.