Cotton Extends Gains as Extreme Heat Threatens US Supply
- Crop conditions worsen in Texas as weather concerns persist
- Supply from key grower India also seen threatened by El Nino
A cotton harvest at a farm in Bronwood, Georgia.
Photographer: Dustin Chambers/BloombergThis article is for subscribers only.
Cotton futures gained for a second day in New York as extreme heat is increasingly risking the health of crops in top US grower Texas, raising concerns that world supplies could become tighter than analysts previously expected.
Conditions in Texas have worsened, with only 17% of the crop rated as good or excellent as of July 30, the US Department of Agriculture reported Monday. That is even less than the levels seen at the same period last season, a year when severe drought led to widespread damages.