Cotton extends fall on stronger dollar, downbeat sentiment across wider markets
June 21 (Reuters) -ICE Cotton futures extended their decline on Friday pressured by a stronger dollar and downbeat sentiment across the wider financial markets.
* Cotton contracts for December CTZ4 fell 0.41 cent, or 0.6%, at 72.21 cents per lb at 12:02 p.m. EDT (1602 GMT).
* The dollar =USD rose 0.2% against its rivals, making cotton more expensive for other currency holders.
* In addition, "most agricultural markets have been lower as the weather's been hanging in pretty good and we've just had Alberto bringing showers to West Texas which is keeping cotton conditions pretty positive," said Jack Scoville, vice president at Chicago-based Price Futures Group.
* In the wider agricultural market, Chicago wheat futures were heading for a fourth consecutive weekly loss as northern hemisphere harvests brought new supply into the market and the production outlook improved. GRA/
* Undermining the natural fibre, the S&P 500 and the Nasdaq fell, weighed down by chip stocks, while investors also assessed stronger-than-expected U.S. business activity data. .N
* A weekly U.S. Department of Agriculture (USDA) report showed export sales of 197,900 running bales (RB), up 6% from the last week. EXP/COT
* The report also showed net sales of 189,000 RB for 2023/2024, up 7% from the previous week.
Reporting by Anmol Choubey in Bengaluru
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