Cotton futures fall on softer export sales data
June 27 (Reuters) -ICE Cotton futures fell on Thursday, pressured by weaker export sales data from the U.S. Department of Agriculture (USDA).
* Cotton contracts for December CTZ4 fell 1.35 cent, or 1.79%, to 73.99 cents per lb at 11:21 a.m. EDT (1521 GMT).
* "Reaching 75.34 (cents)... triggered heavier farmer selling, which alongside a softer exports report alerted high-frequency traders to sell," said Valentin Olah, risk management consultant at StoneX Group.
* The weekly USDA report showed export sales of 141,000 running bales (RB), down 29% from the last week. EXP/COT
* The report also showed net sales of 90,600 RB for 2023/2024, down 52% from the previous week.
* In the short-term, the sentiment leans towards a bullish trend for cotton prices, with robust support levels in the low 70s, said Olah adding that, "adverse weather this year could be by far the variable that affects price the most."
* In the wider agricultural market, Chicago corn futures lost ground, while wheat inched higher and soybeans rose as traders positioned themselves ahead of U.S. acreage and stocks data. GRA/
* Elsewhere, the Nasdaq rose while other indexes were flat to slightly higher, as a dip in Treasury yields after a string of economic data boosted megacap stocks. .N
* USDA's annual acreage report is set to be released at noon EDT (1600 GMT) on Friday, June 28.
Reporting by Anmol Choubey in Bengaluru; Editing by Vijay Kishore
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