Cotton steadies on positive USDA export data
March 21 (Reuters) -U.S. cotton futures were steady on Thursday, supported by positive exports sales data from the U.S. Department of Agriculture (USDA) and gains in grains and equities.
* Cotton contract for May CTc1 rose 0.02 cent to 92.2 cents per lb by 11:42 a.m. ET (1542 GMT).
* The USDA weekly export sales report showed exports stood at 397,300 running bales (RB), up 36% from the previous week and 39% from the prior four-week average.
* The destinations were mainly China at 183,700 RB and Vietnam at 61,300 RB. China is one of the top consumers of U.S. cotton.
* The report also showed net sales of 92,600 RB for 2023/24, up 8% from the previous week and 20% from the prior 4-week average. EXP/COT
* "The sales and exports report was good and sales were moderately positive, and I felt that the shipment was outstanding," said Rogers Varner, president of Varner Brokerage, in Cleveland.
* The contract had hit its lowest since Feb. 21 in the previous session due to a rally in the dollar, as well as a downbeat sentiment across oil and equity markets. [Cot/n]
* Extending support to the natural fibre, Chicago (grains) markets were a little up earlier, Varner added.
* Chicago soybeans rose to hit a two-month high at $12.14-3/4 a bushel, as excessive rains in Argentina raised worries over supplies and triggered short covering, while wheat rose for a third session in four at $5.48-1/2 a bushel. GRA/
* The natural fibre was also supported by Wall Street's main stock indexes climbing to record highs, while investors took comfort in the Federal Reserve sticking to its three-rate-cut view for this year. .N
Reporting by Rahul Paswan in Bengaluru; Editing by Shailesh Kuber
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