ICE cotton hits three-week low as traders await export sales

Cotton futures fell to three-week lows on Wednesday, as a slightly stronger dollar weighed and traders awaited export sales data due tomorrow and new estimates of acreage devoted to cotton in the new year. "The dollar's trying to regain a little strength," said Keith Brown, a Moultrie, Georgia-based cotton broker, noting that trading volume was once again light during the holiday season. "We're just trying to limp to the new year."
March cotton on ICE Futures US settled down 0.39 cent, or 0.62 percent, at 62.77 cents per lb, after falling as low as 63.37 cents a lb, its lowest since December 1. Certificated cotton stocks deliverable as of December 22 totalled 64,723 480-lb bales, unchanged from the previous session. The dollar index was up 0.06 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 1.90 percent.