Orange-Juice Futures Soar Most Since June; Cotton Jumps
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Cotton futures advanced to a 10-month high after the U.S. government said global supplies will be lower than forecast a month ago. Coffee and cocoa also rose.
Demand for cotton has expanded in China, India and Bangladesh, which will leave world inventories at 81.74 million bales in the year ending July 31, down from the February estimate of 81.86 million, the U.S. Department of Agriculture said today. Global use was projected at 107.11 million bales, up from 106.24 million last month. Exports from the U.S., the top shipper, will be 12.75 million bales, up from 12.5 million projected last month, and 11.7 million a year ago. A bale weighs 480 pounds (218 kilograms).