Cotton Rises as Australia Floods Hurt Crops; Orange Juice Gains

Cotton gained the most in almost three weeks after the worst floods in half a century damaged crops in Australia, the world’s fourth-largest exporter. Orange juice advanced.

Rabobank International slashed its outlook for Australian cotton output by 8 percent, estimating the country will produce 3.95 million bales in the year ending July 31. That compares with 4 million bales forecast by the U.S. Department of Agriculture last month. Prices almost doubled in the past year as supplies trailed demand from China.