Cotton futures rose amid declining output in the U.S., the world’s biggest exporter. Cocoa and orange juice rose, while coffee fell.
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.
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 fell the most in two weeks on speculation that producers are making sales to lock in prices before the U.S harvest boosts supplies. Orange juice and sugar slid, while coffee and cocoa rose.
Crude oil in New York increased to a 29-month high on concern that turmoil in Libya will spread to other northern African and Middle East energy exporters, curbing shipments.
Cotton futures jumped to a 15-year high after the U.S. Department of Agriculture boosted a forecast for global demand. Orange-juice prices also climbed.
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.
Cotton futures extended a rally to record as a cold front threatened to damage the crop in China, the world’s biggest user.
"I do not really see any reason for the market to sell off."
- John Flanagan on May 14, 2013