ICE cotton drops on improved weather, positive planting progress
May 14 (Reuters) -ICE cotton futures fell over 3% to its lowest level in nearly two weeks on Tuesday, pressured by positive planting progression and good weather.
* Cotton contracts for July CTc1 fell 2.4 cents, or 3.1%, to 75.16 cents per lb by 11:28 a.m. ET (1528 GMT).
* "The crop condition ratings were pretty solid and the planting progress was pretty solid," which is pressuring prices, said Jack Scoville, vice president at Chicago-based Price Futures Group.
* "Just the fact that we're having some decent weather here in the Great Plains, Southern Plains, Southern Delta and places like that, and the crops going in on time is definitely weighing on the market," Scoville added.
* Meteorologists projected weather across the Lower 48 states would remain mostly near normal through May 29.
* China's agriculture ministry forecast an annual decline in imports of corn, soybeans and cotton in its first outlook for the upcoming 2024/25 crop year released on Friday.
* Oil prices edged lower, after U.S. data suggested inflation remains sticky, while OPEC maintained its demand forecast for the year. O/R
* Higher oil prices make cotton-substitute polyester more expensive.
* Wall Street's main indexes inched up, as investors assessed a mixed producer prices reading and awaited crucial consumer prices data due later this week. .N
* In other agricultural markets, Chicago wheat futures edged lower as prices faced chart resistance and traders sought a clearer picture on the impact of dry, cold weather on crops in top wheat exporter Russia. GRA/
Reporting by Anjana Anil in Bengaluru; Editing by Shweta Agarwal
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