Cotton Has Longest Slump Since May as Harvests Add to Supplies

October 30, 2013 03:41 AM
 
10 22 2013 TX

Cotton futures in New York extended the longest slump since May with harvests adding to supplies. Coffee ended its longest rout since 1972.

Farmers collected 34 percent of the U.S. cotton crop as of Oct. 27, up from 21 percent a week earlier, the U.S. Department of Agriculture said in a report. The harvest was still behind the five-year average of 44 percent. Cotton rose 4 percent this year.

"The bears look to be slowly gaining control of the cotton market," Sterling Smith, an analyst at Citigroup Inc. in Chicago, said in a report yesterday.

Cotton for December delivery dropped 0.3 percent to 78.13 cents a pound by 8:52 a.m. on ICE Futures U.S. in New York after falling to 78.06 cents, the lowest price for a most-active contract since Jan. 18. Prices fell for a ninth session, the longest streak since May 31.

Arabica coffee rose 0.3 percent to $1.073 a pound on ICE, after falling for 11 consecutive sessions.

Raw sugar for March delivery climbed 0.3 percent to 18.5 cents a pound after yesterday slumping 2.4 percent, the most since Sept. 27. Sugar dropped 5.2 percent this year.

Cocoa for December delivery fell 0.3 percent to $2,651 a metric ton on ICE.

 

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