Cotton Rallies as USDA Boosts Forecast of Imports by China Mills
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Cotton futures rallied the most in a week after the U.S. Department of Agriculture boosted its forecast of imports by China, the world’s largest user.
China will import 14 million bales in the year ending July 31, or 12 increase more than the 12.5 million expected in January, the USDA said today in a report. A bale of cotton weighs 480 pounds. Prices that tumbled last year to a 32-month low have gained 10 percent this year on signs of improved demand and smaller global crops, including in the U.S.