Cotton futures found some buying interest on Tuesday after pushing lower for a fourth consecutive session on Monday. December cotton had traded about 80 points higher on Tuesday to 72 cents a pound before giving back half of the gains and closing at 66.59 cents. 

Money managers were heavy buyers of cotton last week, with funds as net buyers of 9,844 cotton contracts. However, prices quickly faced pressure after the short-covering event. 

Prices continued to trade in their sideways consolidation patterned established this spring. The 66-cent level remains the close support level. Larger U.S. and global supplies could continue to limit rallies. 

The USDA’s Crop Progress report showed that the U.S. cotton harvest reached 12 percent complete as of Sunday, down one percentage point from the same week last year but on par with the five-year average. 

U.S. cotton ratings slipped lower last week, with 47 percent of the crop in good-to-excellent condition, down five percent from the same week last year. Cotton conditions typically decline through harvest, but they remained the second best out of the last five years.

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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.