Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cotton Rises on Adverse-Weather Concerns; Orange Juice Falls

May 31 (Bloomberg) -- Cotton futures rose the most in five months on mounting concern that adverse weather will slash output in the U.S., the world’s biggest exporter. Orange juice fell.

Conditions in Texas, the biggest U.S. producer, range from “abnormally dry” to “exceptional” drought, the most-severe ranking on the U.S. Drought Monitor. Cotton futures for December delivery, the contract with the highest open interest, rose 8.1 percent last week.

“Everyone was waiting to see what would happen with the weather and production, and the news wasn’t good,” said Mike Stevens, an independent trader in Mandeville, Louisiana. “This is a critical period, and it looks like we have weak supply.”

Cotton for December delivery rose the exchange limit of 6 cents, or 4.6 percent, to settle at $1.355 a pound at 2:37 p.m. on ICE Futures U.S. in New York. That’s the biggest gain for a most-active contract since Dec. 3.

Orange-juice futures for July delivery fell 2.85 cents, or 1.5 percent, to $1.825 a pound.

The markets were closed yesterday for a U.S. holiday.

To contact the reporters on this story: Ashley Lutz in New York at alutz8@bloomberg.net;

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.