REUTERS: Cotton hits 1-week high after USDA trims output, stocks outlook
REUTERS: Cotton hits 1-week high after USDA trims output, stocks outlook

REUTERS: Cotton hits 1-week high after USDA trims output, stocks outlook

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Sept 12 (Reuters) -ICE cotton futures rose to one-week high on Thursday as the U.S. Department of Agriculture (USDA) lowered both domestic and global production and ending stock projections for the 2024/25 crop year in its monthly supply-demand report.

* Cotton contracts for December CTZ4 rose 0.74 cent, or 1.06%, at 70.35 cents per lb at 12:37 p.m. EDT (1638 GMT).

* "It looks like the market is obviously reacting normally to this cut in production. But also on the other hand, we saw the consumption was reduced. So that kind of took a little bit of the steam out of the rally for the moment," said Bailey Thomen, cotton risk management consultant at StoneX Group.

* In its September World Agriculture Supply and Demand Estimates (WASDE) report, the USDA lowered U.S. production estimates by 600,00 bales to 14.5 million bales, while the U.S. ending stocks estimates were cut by 500,000 to 4 million bales.

* The agency also lowered its global output estimate by 1.2 million bales to 116.4 million bales, bringing the ending stocks forecast to 76.5 million bales from last month's 77.6 million bales.

* "World consumption is reduced about 460,000 bales, largely due to a 200,000-bale decrease in Vietnam and 100,000-bale reductions in Bangladesh and Turkey," USDA said.

* "I think you're getting a little support from this hurricane, people are worried about the wind coming right up the Mississippi River," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton.

* Chicago wheat futures reached a two-month high as Egypt's large purchase of Russian wheat suggests diminishing supplies in the Black Sea export zone following a harvest surplus. GRA/

* Oil prices rose more than 1%, making cotton substitute polyester more expensive. O/R

* Storm Francine barreled across the U.S. South, pounding the region with heavy rains and gusty winds.

Reporting by Anmol Choubey and Sherin Varghese in Bengaluru; Editing by Vijay Kishore


Πηγή: Reuters

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