The cotton harvest in India, the second-biggest producer and shipper, may be less than forecast if monsoon rains last longer than normal, according to the Confederation of Indian Textile Industry. Futures advanced.
As a pharmaceutical salesman in Greece for 17 years, Tilemachos Karachalios wore a suit, drove a company car and had an expense account. He now mops schools in Sweden, forced from his home by Greece’s economic crisis.
Pickup trucks lined a stretch of gravel road where 150 farmers mingled between 7-foot tall cornstalks and shimmering soybeans to see which of their wealthy brethren would bid on a swath of Iowa’s richest cropland. This was a farm -- table-flat and 314 acres -- so coveted that it drew three times the usual land-sale crowd.
Demand for cotton in China, the world’s largest buyer and grower, outstripped domestic production by 3.6 million metric tons in 2009-2010, widening a supply deficit, the China Cotton Association said today.