China, Vietnam Cancel Orders for U.S. Upland Cotton, USDA Says
China, the world’s biggest cotton importer, canceled orders for 44,000 bales from the U.S. in the week ended May 12, expanding the number of contracts scrapped in the past two months, government data show.
Additional cancellations last week included 4,400 by Vietnam and 2,200 by Bangladesh, the U.S. Department of Agriculture said. A net total of about 30,500 bales of sales for delivery before July 31 were scrapped, the eighth straight week that deals were canceled on a net basis.
Before today, cotton futures plunged 27 percent from a record $2.197 a pound reached on March 7 as Chinese consumption eased. In April, the country’s imports of the fiber plummeted 35 percent from a year earlier, customs data show. A bale of cotton weighs 480 pounds, or 218 kilograms.
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