Commodities
Cotton Surges to Six-Month High After US Cuts Crop Forecast
Cotton seed grows at a farm in Richland, Georgia.
Photographer: Dustin Chambers/BloombergThis article is for subscribers only.
Cotton prices surged to the highest in more than six months in New York after the US slashed its forecast for domestic output by more than 15%, undercutting even the lowest of analysts’ estimates for the crop’s size.
Futures for December delivery jumped as much as 3.1%, the biggest intraday gain in a month, to 88.8 cents per pound. That’s the highest price for a most-active contract since January.