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ICE cotton futures extended losses for a third session on Wednesday on worries that US-China trade talks had soured further, while rains in Texas could improve planting conditions.
The most-active cotton contract on ICE Futures US July fell 0.80 cent, or 1.09%, at 72.38 cents per lb.
It traded within a range of 71.9 and 73.69 cents a lb.
The second-month contract was at its lowest since Feb 27.
The United States moved closer to raising tariffs to 25% from 10% on $200 billion worth of Chinese imports this Friday, raising alarms that the world's two largest economies may not reach a trade deal.
However, some cotton market participants believe cotton's sharp declines to be a mere knee-jerk reaction.
"Trade talks do not add or subtract one bale from the world's balance sheet. Whether trade talks are agreed upon or not, it will have psychological impact temporarily," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.
"My long term view of cotton is that ending stocks are growing regardless of trade talks," Varner said.
Trade delegations from Washington and Beijing are scheduled to begin their
latest round of talks on Thursday.
"Recent rains across West Texas and Oklahoma could prompt the USDA to enhance its yield projection," said Louis Rose, director of research and analytics at Tennessee-based Rose Commodity Group in a note.
Meanwhile, investors will look out for the US Department of Agriculture's weekly export sales report to be released on Thursday.
Total futures market volume rose by 2,868 to 39,108 lots. Data showed total open interest fell 1,468 to 220,228 contracts in the previous session.
Certificated cotton stocks deliverable as of May 7 totalled 81,588 480-lb bales, up from 77,055 in the previous session.

Copyright Reuters, 2019

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