NEW YORK, June 4 (Reuters) - U.S. cotton futures fell on Wednesday, snapping four straight days of gains with their biggest daily drop in a week as prices were pressured by the outlook for more rain in main growing state Texas and concern about upcoming weekly exports data.

The most-active July cotton contract on ICE Futures U.S. settled down 1.33 cent, or 1.5 percent, at 87.36 cents a lb in New York.

The decline wiped out more than half of the 2.49 cent gain accumulated by the contract in four previous sessions.

"It was a bit perplexing. I was surprised that we saw July give up as much as it did. It certainly put the market's behavior of the past few days in question," said Sharon Johnson, senior cotton analyst at KCG Futures, a division of commodities broker Knight Capital, in Roswell, Georgia.

July cotton hit a 1-1/2-week high of 88.60 cents on Tuesday in spread-related gyrations as traders rolled positions from the front-month contract ahead of its expiry.

Analysts attributed some of the volatile trade to dealers covering short positions and mills fixing prices on previously-booked cotton bales.

Concerns have mounted over tight supplies of cotton as the current front-month nears its July 9 expiry. While that has bolstered prices, there are worries that rains in Texas could alleviate the drought-induced crop stress suffered by cotton in the world's largest exporter of the fiber.

Weekly exports data of cotton has also been inconsistent in trend, with net upland sales down 83 percent in the week ending May 30 from the previous week. The next set of exports data is due on Thursday. (Reporting by Barani Krishnan; Editing by David Gregorio)