Cotton Prices Drop as U.S. Exports Scrapped; Orange Juice Slumps
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Cotton prices fell the most in two weeks after importers canceled more sales from the U.S., the world’s leading exporter. Orange juice dropped.
A net total of about 32,960 bales of cotton sales for delivery before July 31 were scrapped in the week ended May 19, the U.S. Department of Agriculture said. That’s the ninth straight week that deals were canceled on a net basis. Prices have tumbled 31 percent from a record reached in March as demand eased in China, the biggest consumer.