Cotton futures fell more than 1 percent, the most in nearly two-weeks, on Wednesday on profit-taking after the holiday weekend. "Some of the new longs that had come into the market decided to exit them in the last two days," said Jim Lambert, Director of Sales at FCStone Merchant Services, LLC, adding that technicals indicate that the recent market rally has "run out of steam."
Cotton contracts for July settled down 0.77 cent, or 1.20 percent, at 63.17 cents per lb. It traded within a range of 62.94 and 64.08 cents a lb.
Total futures market volume rose by 2,352 to 31,661 lots. Data showed total open interest gained 1,592 to 202,777 contracts in the previous session.
The dollar index was down 0.48 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.36 percent.