Cotton Futures Climb to Highest Since May; Cocoa, Sugar Advance
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Cotton futures climbed to the highest in almost 10 months as output is set to decrease in the U.S., the world’s top exporter, just as global demand gains. Cocoa and sugar also rose, while coffee and orange juice slid.
American farmers may sow 9.4 million acres of cotton in 2013, as they switch to more profitable crops, Macquarie Group Ltd. said today in a e-mailed report. That compares with 12.3 million a year earlier, government data show. On March 8, the U.S. Department of Agriculture may boost its estimate for global demand as mills in India, Pakistan and Turkey increase use, according to a Bloomberg News survey.