Sept 6 (Reuters) -ICE cotton futures dipped to a more that two-week low on Friday, weighed down by downbeat sentiment in the equities, oil, and grains market, and as speculators reasserted a bearish stance ahead of harvests.

* Cotton contracts for December CTZ4 fell 1.35 cent, or 1.94%, to 68.09 cents per lb at 12:41 p.m. EDT (1641 GMT), having hit its lowest level since Aug. 18 earlier in the session.

* The contract was headed for a second consecutive weekly loss and is down 2.8% so far.

* "There's an overall negative sentiment in the market... you just get the feeling that the U.S. economy is very weak," said Keith Brown, principal at cotton broker Keith Brown and Co in Georgia.

* "We're getting ready to go into harvest soon, so speculators are trying to reassert their bearish position today also."

* Reflecting negative sentiment, Wall Street's main indexes fell after a crucial jobs report did little to clear the uncertainty around the magnitude of the Federal Reserve's interest rate cut later this month..N

* Oil pared gains, making cotton-substitute polyester less expensive. O/R

* In other agricultural markets, Chicago soybeans and wheat eased as traders decided that a fortnight-long rally has left the contracts overvalued amid plentiful supply. GRA/

* The U.S. Department of Agriculture's weekly report showed exports of cotton running bales rose 13.8% to 164,100 from a week ago, while net sales of upland cotton for 2024/2025 rose 53.48% to 207,500.

Reporting by Anjana Anil in Bengaluru; Editing by Shailesh Kuber