Cotton futures rose on Wednesday to their highest level in three weeks, supported by gains in the oil and grains markets, ahead of a monthly supply-demand outlook from the US government next week.
"We see some strength due to a rally in grains and a little bit of indirect help from oil," said Michael McDougall, director of commodities for Societe Generale in New York.
The market also factored in the US Department of Agriculture's weekly crop progress report released on Tuesday after market close, which showed that 48 percent of cotton crops in the United States were in good-to-excellent condition, unchanged from a week ago.
* Cotton contracts for December settled up 0.3 cent, or 0.43 percent, at 69.54 cents per lb. It traded within a range of 68.59 and 69.59 cents a lb, a peak since Aug. 18.
* US corn, soybeans and wheat each rose 1 percent or more on Wednesday. CBOT December corn gained 4-3/4 cents to $3.33-1/4 per bushel and CBOT November soybean futures finishing up 15-3/4 cents to $9.75-1/2 per bushel, a 1-1/2-week high.
* Brent futures rose 72 cents to settle at $47.98 a barrel after trading between $46.97 and $48.10 and US crude traded between $44.55 and $45.58 before finishing 67 cents higher on the day at $45.50.
* Oil prices rose 1.5 percent on Wednesday as the market focused on the possibility that the world's top producers would agree on an output freeze.
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