New York, Aug. 7.
Cotton prices, were depressed at the outset on hedge selling and local liquidation, but eventually rallied partially on trade buying and covering. At the close, quotations ranged from 3 to 13 points down from the previous day's final levels.
Prices in the Chicago wheat pit early advgneed on light backfill, early support by the trade, cash and mill absorption, shorts covering, the drought and higher Argentine advice. Subsequently, the market reacted partially on hedge pressure, profit-taking and week-end evening ap. At the final bell, gains of % to 1 cent were registered—Reuter.
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