Jan 17 (Reuters) - ICE cotton futures rebounded on Friday, due to short covering and repositioning ahead of the holiday weekend and Donald Trump's presidential inauguration.
* Cotton contracts for March CTc1 rose 0.48 cent, or 0.72%, to 67.21 cents per lb at 10:52 a.m. ET (1552 GMT).
* The contract hit its lowest level in nearly two-months in the previous session.
* Cotton is rebounding slightly from yesterday's lows, possibly due to short covering and repositioning before the long weekend and ahead of Trump's inauguration, with uncertainty remaining about his potential impact, Bailey Thomen, cotton risk management consultant at StoneX Group.
* Donald Trump will take office as the President of the United States on Monday.
* Chicago corn and soybean futures steadied after a drop in the previous session, as traders focused on rain forecast in Argentina. GRA/
* The United States Department of Agriculture's (USDA) weekly report on Thursday showed a marketing-year high with upland cotton export sales reaching 224,800 RB.
* The report further showed net sales rising 71% from the previous four-week average to 316,200 RB for 2024/2025.
* Elsewhere, Wall Street's main indexes rose on Friday, with the S&P 500 and the Dow on track to log their biggest weekly gains since November, as investors anticipate a wave of policy changes under the incoming Trump administration. .N
(Reporting by Anmol Choubey in Bengaluru; Editing by Shailesh Kuber)
((anmol.choubey@thomsonreuters.com;))
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