Cotton fell for the first time in eight sessions after the government reported slowing exports from the U.S., the world’s top shipper. Sugar and cocoa also dropped, while orange juice and coffee gained.
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.
The cotton crop in the U.S., the world’s biggest exporter, will be 1.4 percent smaller than estimated a month ago as more farmers in Texas left fields unharvested, the government said. Analysts expected production to be little changed.
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.
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.