Shipments of cotton from the U.S. since the beginning of August of last year pushed to 6.77 million bales as of last Thursday, representing an increase from 5.59 billion bales of the soft fiber one year ago, according to the U.S. Department of Agriculture.
"While prices have increased on expectation that U.S. acreage in 2013-14 will go down, U.S. export numbers have been bullish too," states a Thursday report authored by analysts with Kotak Commodity Services Ltd. in Mumbai, according to Bloomberg. "The nearby scenario will continue to be supported by China buying."
At 2:17 p.m. on Thursday, cotton futures shot up 2.65 percent, a 0.0244-cent rise to 90.96 cents per pound.
The Financial Times reports cotton thus far this year has emerged as the best tradable on the commodity complex as it pushed to its top value in 11 months on Thursday.
The soft fiber is two-plus years off its record price of $2.197 per pound, as established on March 7, 2011.
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