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Cotton futures ended firmer Wednesday on investor buying due to steadier outside markets and some optimism a government sales report could provide a surprise for the trade, brokers said. The key March cotton contract rose 0.64 cent to close at 73.43 cents per lb, dealing from 72.45 to 73.99 cents. Volume traded in the March contract hit 8,475 lots at 2:42 pm EST (1942 GMT).
Sharon Johnson, cotton expert for First Capitol Group in Atlanta, Georgia, said cotton held its own despite the mixed bag in outside markets. US stocks were firmer, crude oil pared its losses, while corn and soybeans and wheat rallied late. "(Most) markets are better so cotton's better," said Johnson. There may also be some buying in cotton stemming from anticipation that US cotton sales might be better than expected in the government's export sales data due out Thursday, she said.
Cotton brokers said the US Agriculture Department's weekly export sales should show total US cotton sales ranging from 180,000 to 250,000 running bale (RBs, 500-lbs each), from 212,600 RBs in last week's data. One broker believes sales could be as high as 300,000 RBs. US cotton export shipments are seen running from 100,000 to 150,000 RBs, versus 135,600 RBs in the last report.
Analysts said the pace of shipments needs to pick up going forward just to ensure that countries like China will take delivery of the material. Brokers Flanagan Trading Corp sees resistance in the March contract was at 74.05 and 75.50 cents, with support at 72.85 and 71.05 cents. Total volume traded Tuesday hit 12,939 lots, against the previous 15,192 lots, according to data from ICE Futures US Open interest stood at 181,280 lots as of January 12, from the prior count of 182,120 lots, the exchange said.

Copyright Reuters, 2010

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