China is hoarding a record amount of cotton to aid farmers as global production exceeds demand for a fourth consecutive year, increasing the risk of a supply surge that would tip prices into a bear market.
Cotton output in the U.S., the world’s largest exporter, may be limited next season as a La Nina weather pattern brings unusually dry conditions to the largest growing regions .
Cotton prices rose for the first time in four days on signs of strong demand for U.S. supplies. Orange juice declined, erasing earlier gains.
The fourth straight year of surplus cotton output and the biggest drop in Chinese imports since 2000 are creating record global inventories, signaling higher profits for the makers of Hanes underwear.
Cotton futures rose amid declining output in the U.S., the world’s biggest exporter. Cocoa and orange juice rose, while coffee fell.
Cotton futures rose, snapping the longest slump in eight months, on signs of increasing demand for supplies from the U.S., the world’s top exporter. Orange juice also advanced.
Cotton futures fell for the first time in four sessions on speculation that wet weather in India and Texas will ease a decline in global production.
Cotton futures in New York rose to a record for the fourth straight day as concerns mounted that global demand led by China, the world’s biggest user, will outstrip supplies and reduce inventories.
Cotton and sugar climbed as concerns eased that global demand for commodities may slump. Coffee also gained, while cocoa and orange juice declined.
Cotton futures rose to a one-week high on signs of global demand and limited supplies as the worst floods in Pakistan’s history have wiped out crops. Orange-juice prices were little changed.
"The program right now is economically unfeasible."
- John Flanagan on Nov 04, 2013