Cotton advanced to the highest in almost two weeks as signs of smaller crops in China, the world’s top grower and importer, signaled higher demand for U.S. exports. Cocoa and coffee also gained, while sugar fell.
Cotton rose to the highest in six weeks on speculation that cold weather and rain will hamper crops in the U.S., the world’s leading exporter. Coffee and sugar also gained, while orange juice and cocoa declined.
Cotton prices are headed for a bear- market drop of more than 20 percent this year after failing to close above their 50-day moving average at the end of last week, said Sharon Johnson at First Capitol Group LLC.
Cotton fell for the first time in five sessions on speculation that crop conditions are improving in the U.S., the world’s top exporter, and that a stronger dollar will limit demand. Orange-juice futures also declined.
Nine Peregrine Financial Group Inc. clients lost a bid to have their group lawsuit heard by the same judge who is presiding over an action filed against the failed firm by the U.S. Commodity Futures Trading Commission.