Cotton futures gained the most in more than a month on renewed signs that plantings will slump in the U.S., the world’s biggest exporter. Sugar, cocoa and coffee also advanced. Orange juice declined.
Farmers in Texas, the country’s top producing state, may sow 25 percent fewer acres in 2013 as they seek bigger profits in other crops, Gaylon Morgan, a cotton specialist at Texas A&M AgriLife Extension Service in College Station, said yesterday in a report, citing figures from the National Cotton Council.
“I believe that cotton prices still have room to run higher because soybeans seem to be winning the acreage battle for now,” Michael Smith, the president at Port St. Lucie, Florida-based T&K Futures & Options Inc., said in an e-mail.
Cotton for delivery in May climbed 1.8 percent to 83.28 cents a pound at 10:38 a.m. on ICE Futures U.S. in New York. A close at that price would mark the biggest increase since Jan. 24.
Also in New York, raw-sugar futures for May delivery advanced 0.5 percent to 18.14 cents a pound and cocoa futures for delivery in May rose 0.2 percent to $2,130 a metric ton.
Coffee futures for May delivery gained 0.3 percent to $1.44 a pound on ICE. Orange-juice futures for May delivery slid 0.2 percent to $1.27 a pound.
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