Cotton futures rose for the fourth straight session and hit a more than three-week high on Monday, supported by a weaker dollar and a rally in the grains market. Cotton followed grains like wheat and soybean, which traded higher, said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi. "The momentum for cotton is positive. It looks like it could test the gap at 72 cents," Varner added.
The market awaited the weekly crop progress data from the US Department of Agriculture due later on Monday. The December cotton contract on ICE Futures US settled up 0.62 cent, or 0.88 percent, at 71.19 cents per lb. It traded within a range of 69.85 and 71.26, a peak since September 23. The dollar index was down 0.16 percent. Benchmark November soybean futures were up 12-1/2 cents at $9.75 per bushel after reaching $9.78-3/4, the contract's highest since September 22. December wheat was up 2-3/4 cents at $4.23-3/4 a bushel.
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