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ICE Cotton Update

ICE cotton gains over 1% on softer dollar, broader market strength

ICE cotton futures rose more than 1% on Tuesday, tracking strength across wider financial and commodity markets, and on weaker dollar.

The second-month July cotton contract rose 1.13 cents, or 1.4%, to 84.41 cents per lb at 10:45 EDT (1445 GMT). Prices traded in a range of 83.09 and 84.42 cents a lb.

The dollar index lost 0.3%, making the natural fiber more attractive for overseas buyers.

"Cotton watches the outside markets. Corn, soybeans and wheat have all been a little better and the stock market is also higher, which is helping prices," said Rogers Varner, president of Varner Brokerage in Cleveland.

Further lending support, the S&P 500 and Nasdaq opened higher.

Chicago wheat rose to its highest in nearly three weeks as poor conditions for U.S. wheat crops and import bans targeting Ukrainian grain in eastern Europe raised concerns about global availability.

"Drought in West Texas continues to cause supply concerns. It will all depend on whether or not West Texas will get rain," Varner added.

As of April 11, 40% of U.S. cotton production is affected by drought conditions, according to U.S. Drought Monitor.

The U.S. Department of Agriculture in a weekly crop progress report on Monday said 8% of the cotton was planted in the week ended April 16, compared with 6% in the week before.

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