Cotton rebounds to hit over two-week high as dollar retreats
June 24 (Reuters) -Cotton prices rebounded on Monday to hit a more than two-week high as the dollar weakened from its recent high, while support also came in from the grains and oil market.
* Cotton contracts for December CTZ4 rose 0.98 cents, or 1.4%, at 73.19 cents per lb at 10:50 a.m. EDT (1450 GMT).
* The dollar .DXY eased from a near eight-week high, making cotton cheaper for other currency holders. USD/
* The dollar is down but "you carved out a low back on Monday of last week, maybe you had some value buying coming in at those lows and I think you might see it continue," said Jon Marcus, president of Lakefront Futures and Options brokerage in Chicago.
* Cotton on June 17 dipped to touch 70 cents, pressured by expectations of good weather boosting supplies in the key growing region and a strong dollar. COT/N
* "You may have seen your low on last Monday, that's very possible, but I don't think you're going to trade much higher than 76 cents," Marcus added.
* Extending support, Chicago wheat rose in bargain-buying after hitting its lowest since April, while soybeans rose with the impact on U.S. crops of mixed weather with heat and some rain being assessed. GRA/
* Oil prices edged up slightly making cotton-substitute polyester more expensive.O/R
* "Now the wild card in all of this is if you get some kind of bullish surprise with the numbers on Friday (acreage report)," Marcus said.
* The market is now looking forward to the U.S. Department of Agriculture's annual acreage report, to be released at noon EDT (1600 GMT) on Friday, June 28.
Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore
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