Cotton Futures Rise on U.S. Export Data; Cocoa DeclinesMarvin G. Perez
Cotton futures rose for the second straight day as exports increased from the U.S., the world’s biggest shipper. Orange juice and coffee gained, while cocoa and sugar slid.
In the three weeks ended Nov. 14, U.S. exporters sold 1.08 million running bales of upland cotton, up from 612,300 in the previous three-week period, according to data from the Department of Agriculture. The latest purchases were led by Turkey and China, the biggest user and importer, the figures show. A running bale weighs 500 pounds, or 227 kilograms.
“Export sales remain strong and are supportive” for prices, John Flanagan, the president of Flanagan Trading Corp. in Fuquay-Varina, North Carolina, said in a telephone interview.
Cotton for March delivery rose 0.3 percent to settle at 78.35 cents a pound at 2:32 p.m. on ICE Futures U.S. in New York, after advancing 0.7 percent yesterday.
Orange-juice futures for January delivery gained 0.6 percent to $1.3865 a pound in New York. Arabica-coffee futures March delivery advanced 1.1 percent to $1.114 a pound.
Cocoa futures for March delivery dropped 0.6 percent to $2,794 a metric ton on ICE, the first loss since Nov. 11.
Raw-sugar futures for March delivery fell 0.5 percent to 17.51 cents a pound.