Tags: Cotton | Surges | Record | After | US | Agency | Cuts

Cotton Surges to Record After US Agency Cuts Crop Forecast

Tuesday, 09 Nov 2010 10:45 AM

Cotton futures jumped 3.5 percent to another record after the U.S. Department of Agriculture reduced its estimates for domestic production and inventories.

Output will be 18.42 million bales in the year ending July 31, down 2.4 percent from last month’s projection, after crops in Texas were damaged by adverse weather, the USDA said today. The agency lowered its estimate for world output by 1.2 percent. Before today, futures surged 88 percent this year amid a shortfall spurred by China’s increasing demand.

“It’s as bullish as any report I can remember,” said Mike Stevens, 72, an independent trader in Mandeville, Louisiana. “The big surprise was the cut in the U.S. production.”

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
StreetTalk
Cotton futures jumped 3.5 percent to another record after the U.S. Department of Agriculture reduced its estimates for domestic production and inventories.Output will be 18.42 million bales in the year ending July 31, down 2.4 percent from last month s projection, after...
Cotton,Surges,Record,After,US,Agency,Cuts,Crop,Forecast
110
2010-45-09
Tuesday, 09 Nov 2010 10:45 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved