Cotton Futures Lower Ahead of USDA Report

December New York Cotton is trading at 68.70, down 0.38 cents/lb. March New York Cotton is trading at 68.90, down 0.40 cents/lb. Cotton futures are trading lower and rangebound. Market chatter about global economic growth and the USDA crop report due out later today is making the rounds. The USDA reported on Friday that cotton weekly export sales for the current marketing year as of September 1st are now 43 percent of the USDA forecast versus the five year average of 43 percent. The USDA World Agricultural Supply and Demand Estimates Report (WASDE) is due out at 12:00 p.m. ET.