Cotton Surges on Australian Crop Concerns; Orange Juice Gains

Cotton jumped the most allowed by ICE Futures U.S. on concern that wet weather may limit supplies from Australia, the world’s fourth-largest exporter. Orange juice also gained.

Australia’s Bureau of Meteorology prediction for April to June showed an “emerging risk” that rain may erode the quality of the cotton crop and hamper the harvest that will start this month, said Tracey Allen, an analyst at Rabobank Australia Ltd. in Sydney. Prices have more than doubled in the past 12 months as surging global demand outpaced shrinking supplies.