Cotton in Short Supply Drives Prices Higher

Filed in commodities, South African Gold, Spot Gold by on August 3, 2010 0 Comments

Filed under: International Markets , Commodities , Agriculture Where is the cotton? Cotton inventories monitored by ICE Futures U.S. have plummeted 96%. This is noteworthy because the U.S. is the world’s largest cotton exporter. Textile buyers are not waiting for the next crop. They are buying now. This has caused a sharp rally in the cotton market. Nearby October ICE cotton futures spiked to 82.36 cents per pound, up 1.68 cents. Since January 2009, cotton has risen from 50 cents per pound to a high of 84.94 cents in 2010 (each 1 cent equals $500). The U.S. Department of Agriculture (USDA) reported that farmers will harvest 18.3 million bales in the 2010-2011 marketing year, up from a two-decade low of 12.2 million a year earlier. Global production will rise 13% to 116 million bales, according to the USDA. Continue reading Cotton in Short Supply Drives Prices Higher Cotton in Short Supply Drives Prices Higher originally appeared on BloggingStocks on Tue, 03 Aug 2010 09:00:00 EST. Please see our terms for use of feeds . Read  |  Read  |  Permalink  |  Email this  |  Comments

View original post here:
Cotton in Short Supply Drives Prices Higher

Tags: , , , , , , , , , , ,

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *