Cotton Futures Rise With Chinese Purchases Pacing U.S. Exports
- Price surged 57% since plunging to a decade low in April
- Rally in soybeans, corn erodes 2021 cotton acreage outlook
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Cotton futures climbed on signs of firm demand for supplies from the U.S., the world’s top exporter. Most soft commodities advanced as a weaker dollar boosted the appeal of assets priced in the greenback.
In the week ended Dec. 17, U.S. export sales of upland cotton more than tripled from a year earlier, government data showed. China has boosted purchases to meet commitments under a trade deal, while its economy rebounds.