Cotton slips on profit booking after hitting an over 2-week high

Dec 1 (Reuters) - ICE cotton futures fell on Monday as traders took profits after the natural fiber hit a more than two-week high in the previous session, while others stayed cautious ahead of key U.S. economic data releases

Cotton contracts for March CTH6 fell after five consecutive sessions of gains, down 0.2 cent, or 0.3%, to 64.51 cents per lb at 10:51 a.m. ET (15:51 GMT). The contract reached its highest level since November 14 on Friday.

"The market had been up five days in a row, so maybe a little profit taking to begin with... I think many traders are still sitting on the sidelines waiting to see what some of these reports are," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn.

Earlier today, the U.S. Department of Agriculture (USDA) released its weekly cotton export sales report for the week ending October 23, showing net sales of 132,800 running bales (rb) in 2025/26, down from the prior week's 175,700, and new sales of 135,400 rb. EXP/COT

The data was delayed due to the 43-day U.S. government shutdown, the longest in the country's history, which ended on November 12.

Investors are focusing has shifted to the upcoming USDA World Agricultural Supply Demand Estimates (WASDE) report, due on December 9.

"It's reasonable to think that we will maybe go ahead and test the 50-day moving average at $65.92 but you'll see a good bit of selling going on," Nunn added.

Chicago soybean futures fell, weighed down by ample global supplies and lingering doubts over whether top buyer China will buy 12 million metric tons of U.S. soybeans by the end of 2025 as forecast by senior U.S. officials. GRA/

Meanwhile, oil prices rose 1%, making polyster more expensive to buy and raising cotton's appeal. O/R