Cotton futures descend

ICE cotton futures fell on Wednesday as investors rolled their positions forward from the front month contract.
The front-month cotton contract on ICE Futures US, settled down 0.22 cent, or 0.28 percent, at 77.05 cents per lb.
It traded within a range of 76.91 cents and 77.93 cents per lb.
"Even with the caveat regarding the planting intentions, some speculators are moving their long positions from the 2018/19 crop year to 2019/20," said Gabriel Crivorot, associate at Societe Generale in New York.
"The open interest in May contract has started to decline... Due to the recent increased bullishness towards the next crop, more people are going for the December contract," Crivorot said.
White House economic adviser Larry Kudlow said trade talks between the United States and China were progressing and both sides hoped to get closer to a deal this week, with fresh round of talks to start in Washington.
The US Department of Agriculture will release its weekly export sales report on Thursday.
Total futures market volume fell by 3,824 to 31,342 lots. Data showed total open interest gained 2,598 to 230,528 contracts in the previous session.
Certificated cotton stocks deliverable as of April 02 totalled 34,569 480-lb bales, up from 34,482 in the previous session.