Cotton Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Cotton Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Cotton Futures Rise On Smaller-Than-Expected 2009 Harvest Forcast May 9th, 2008Cotton futures rose to a three-week high after the U.S. Department of Agriculture said the next harvest will shrink 24 percent, more than analysts estimated. Growers will collect 14.5 million bales of cotton in the harvest that begins in October, which would be the smallest in 10 years, the USDA said today in a report. Analysts in a Bloomberg survey had estimated 14.9 million bales. ``The new crop assumptions that came out were outright bullish,'' said Mike Stevens, an analyst at Swiss Financial Services in Mandeville, Louisiana. The dollar's decline, which trims prices for overseas buyers, is also helping cotton, he said. Cotton futures for July delivery rose 0.7 cent, or 1 percent, to 71.55 cents a pound on ICE Futures U.S., the former New York Board of Trade. Earlier, the price reached 72.25 cents, the highest for a most-active contract since April 18. The commodity gained 2.9 percent for the week, after three straight weekly declines. Farmers will plant 13 percent fewer acres with cotton as they turn to more-profitable wheat, corn and soybeans, the USDA said. The last crop totaled 19.2 million bales. A bale weighs 480 pounds (218 kilograms). The USDA forecast exports for the marketing year that begins Aug. 1 will total 14.5 million bales, up from an estimated 14.2 million bales in the current year. Unsold supplies on hand as of July 31, 2009, will be 5.6 million bales, down 43 percent from the estimated surplus this year, the department said. The U.S. is the world's biggest cotton exporter and the third-biggest producer, behind China and India. - Ron Day in New York at Bloomberg. Click here for your Free Cotton Futures Trading eGuide |
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