ICE cotton gains on supportive export sales data
June 13 (Reuters) -Cotton futures rose on Thursday, buoyed by positive U.S. export data from the U.S. Department of Agriculture (USDA).
* Cotton contracts for December CTZ4 rose 0.24 cents, or 0.33%, to 71.89 cents per lb by 12:46 P.m. ET (1646 GMT).
* "We saw some better export numbers today," which is helping the December contract, said Keith Brown, principal at cotton broker Keith Brown and Co. in Georgia.
* The USDA showed export sales of 186,600 running bales (RB) were up 19% from the previous week, but down 3% from the prior four-week average. EXP/COT
* The primary destination for exports was top consumer China with 73,400 RB, the report added.
* The report also added net sales of 177,100 RB for 2023/2024 were up 28% from the previous week, but down 2% from the prior four-week average.
* Cotton prices will test $0.70 this month and then maybe try to recover towards $0.75, Brown added.
* In the grains market, Chicago wheat and corn futures were trading slightly higher on Thursday after USDA cut its forecast on global grains and soy end-stocks in 2024/2025 from its estimate in May. GRA/
* Cotton extended their decline on Wednesday after a supply and demand report from the U.S. Department of Agriculture (USDA) showed more than enough cotton while demand remained subdued. COT/N
* China's agriculture ministry raised its forecast for cotton imports in the 2023/24 crop year by 200,000 tons in its June outlook, a government crop report estimated.
Reporting by Anushree Mukherjee, editing by David Evans
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