REUTERS: Cotton dips as investors roll position; WASDE in focus
REUTERS: Cotton dips as investors roll position; WASDE in focus

REUTERS: Cotton dips as investors roll position; WASDE in focus

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June 8 (Reuters) -ICE cotton futures reversed course to decline on Thursday as investors rolled over their positions from the front-month contract, outweighing the boost from a weaker dollar and a strong weekly export sales report.

* The front-month July cotton contract CTc1 fell 0.38 cent, or 0.5%, to 84.63 cents per lb, by 11:15 a.m. EDT (1514 GMT), after rising more than 2% earlier in the session. It traded between 84.32 cents and 86.96 cents.

* "Prices started with a strong rally as we had a really good export sales. The gains were given up quickly and the only reason behind it is the rollover activity that is currently happening," said Bailey Thomen, cotton risk management associate at StoneX Group.

* The U.S. Department of Agriculture (USDA) in its weekly export sales report showed net sales of 480,400 running bales (RB) for 2022/2023 — a marketing-year high — up 79% from the previous week and noticeably from the prior four-week average.

* Market focus now shifts to the World Agricultural Supply and Demand Estimates (WASDE) from the USDA, scheduled for release on Friday.

* A U.S. government forecaster confirmed that El Nino conditions are present, with farmers from Australia to India bracing for the possible hit to crops from the dry, hot conditions it could bring.

* However, "El Nino is traditionally associated with wetter conditions in the U.S, especially in Texas, so it is looking good on the U.S. side for the larger crop", Thomen said.

* Texas is a top cotton-growing state.

* The dollar, meanwhile, slipped 0.6% against its rivals after data showed that U.S. jobless claims rose more than expected in the latest week. A weaker dollar makes cotton less expensive for other currency holders. USD/

Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shilpi Majumdar

Πηγή: Reuters



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