Cotton slips over 1% as dollar rises, USDA lowers US exports outlook
Nov 8 (Reuters) -ICE cotton futures fell more than 1% on Friday, weighed down by a stronger U.S. dollar and a federal monthly supply-demand showing projections for lower U.S. exports and higher ending stocks for the 2024/25 marketing year.
* Cotton contracts for December CTZ4 fell 0.73 cent, or 1.1%, at 70.32 cents per lb at 12:46 p.m. ET (1746 GMT). However, the contract is up 0.5% so far this week.
* There is active repositioning and rollover activity from index funds and a stronger dollar is creating headwinds for cotton, whereas reduced U.S. exports have negatively impacted the prices, said Bailey Thomen, cotton risk management consultant at StoneX Group.
* The dollar index .DXY was up 0.6%. A stronger U.S. currency makes cotton less appealing for buyers holding other currencies. USD/
* In its November World Agriculture Supply and Demand Estimates (WASDE) report, the United States Department of Agriculture (USDA) lowered U.S. exports by 200,000 bales to 11.3 million, citing weaker global import demand and lower consumption for 2024/25.
* The USDA, meanwhile, raised U.S. ending stocks estimates by 200,000 bales to 4.3 million. The agency lowered U.S. production estimates by 10,000 bales to just under 14.2 million.
* The USDA reduced its global ending stocks outlook by 574,000 bales to 75.75 million with large reductions in India, Turkmenistan, and Pakistan outweighing increases in the United States and Uzbekistan.
* "Realistically it should have been a little bit supportive for prices, but the market was already trading lower and it's kind of just stayed in the same area where we had been prior to the report," Thomen said.
* On Thursday, the USDA's weekly export sales report showed net sales of upland totaling 229,000 running bales for 2024/2025 were up 21% from the previous week and 51% from the prior four-week average. EXP/COT
Reporting by Sherin Elizabeth Varghese and Anmol Choubey in Bengaluru, additional reporting by Brijesh Patel; Editing by Vijay Kishore
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