Cotton rebounds on technical buying as focus shifts to WASDE report
June 11 (Reuters) -ICE cotton futures rose on technical buying on Tuesday after hitting a 19-month low in the previous session, while investors buckled in for a federal monthly supply and demand report due on Wednesday.
* Cotton contracts for July CTc1 rose 1.36 cent, or 1.89%, at 73.17 per lb by 12:17 p.m. ET (1617 GMT).
* Investors are positioning themselves for the upcoming monthly World Agriculture Supply and Demand Estimates (WASDE) report from the U.S. Agriculture Department (USDA), which is creating some buying interest, said Jack Scoville, vice president at Chicago-based Price Futures Group.
* "I expect very little change," in the WASDE numbers, he added.
* Cotton futures slipped to their lowest level in 19 months on Monday, hurt by lower demand and the U.S. dollar rising to its highest level in nearly a month, making the natural fibre more expensive for foreign buyers.
* In the grains market, Chicago wheat futures inched up on Tuesday, consolidating after a nine-session slide that took prices to their lowest since early May, as traders assessed a drop in U.S. winter wheat crop ratings and export competition in a tender being held by Egypt.GRA/
* "Rains should improve moisture in West Texas, but dryness will continue in the Coastal Bend," said Don Keeney, meteorologist with Maxar Technologies in a note.
* Cotton speculators increased the net short position by 11,946 contracts to 32,363 in week to June 4.
* In a weekly crop progress report on Monday, the USDA said 56% of the cotton crop was in good-to-excellent condition.
Reporting by Anushree Mukherjee in Bengaluru; Editing by Vijay Kishore
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