Cotton Futures Rise on U.S. Crop Concerns; Sugar, Coffee Advance
Cotton futures rose for the third straight session on speculation that adverse sowing conditions may curb output in the U.S., the world’s biggest exporter. Sugar and coffee also gained. Orange juice and cocoa slid.
This week, wet weather will delay cotton planting in Tennessee, Alabama, Georgia and the Carolinas, Maryland-based Commodity Weather Group LLC said. Light showers probably won’t aid crop prospects in West Texas, the top-growing region, after light snow last week followed dry conditions. Through April 28, 14 percent of the U.S. crop was planted, down from 25 percent a year earlier.
“The first weather scare of the planting season across the water-soaked mid-south and southeast” is supporting prices, O.A. Cleveland, an agricultural economics professor at Mississippi State University in Starkville, said in a report. December futures “will tend to move higher given the current planting schedule.”
Cotton for July delivery jumped 1.1 percent to 87.35 cents a pound at 10:03 a.m. on ICE Futures U.S. in New York. The fiber rallied 3.1 percent in the previous two sessions.
Raw-sugar futures for July delivery increased 1 percent to 17.71 cents a pound.
Arabica-coffee futures for July delivery climbed 0.2 percent to $1.412 a pound.
Orange-juice futures for July delivery slid 0.3 percent to $1.4355 a pound
Cocoa futures for July delivery declined 0.1 percent to $2,413 a metric ton.
London’s NYSE Liffe exchange is shut for a holiday.
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