Cotton futures staged a slight recovery after crashing down from record highs earlier in the week. Shortly after breaking through to a record $1.305 per pound on Tuesday, the fiber dropped off precipitously. The initial rally had been partially driven by an expectation that thunder- and hailstorms across West Texas would badly damage the crop… Read more.
Violent hailstorms swept central Texas Friday, damaging crops and properties and raising the prices of afflicted agricultural commodities. Cotton futures saw some of the biggest gains, with ICE No. 2 cotton futures surging 3.499 percent to $1.1431 per pound. The four-cent gain saw the contract hitting its exchange-imposed trading limit. "There was at least moderate… Read more.
Cotton futures for December delivery briefly hit a nominal high above 119 cents per pound today, before slipping to 115.02 cents per pound, just above Thursday's settling price of 114.87 cents per pound on the IntercontinentalExchange. That's the highest-ever price in nominal terms, though cotton actually went over 400 cents per pound in real, inflation-adjusted… Read more.
Demand continues to exceed supply in global cotton markets, driving commodity futures brokers and traders to bid up the price of cotton futures contracts. Much is resting on the actions of India's Commerce Ministry, which may limit exports of the fiber to just 5.5 million bales in the year that begins next month. On the… Read more.
Flooding in Pakistan, heavy rains in China and a possible export embargo from India all contributed to the spike in cotton prices Tuesday. On the IntercontinentalExchange, cotton futures for October delivery jumped 1.5 percent to $1.019 per pound, while December contracts gained 2.137 percent to $1.0154 per pound. Before trading began in New York this… Read more.
The price of cotton jumped on Monday, driven by severe shortages in Pakistan and a steadily growing global demand for the fiber. On the IntercontinentalExchange, No. 2 cotton futures for December delivery gained 1.533 percent to 99.75 cents per pound, after earlier reaching as high as 101.8 cents per pound. "There is basically very little… Read more.
It’s a story depressingly familiar to to sugar futures brokers – bad weather in Brazil means the key ports in Santos and Paranagua lock up, raising the price of sugar as the supplies of the sweetener get tighter. Heavy rains and growing container traffic mean that vessels trying to load this month will have to… Read more.
The price of sugar jumped on Tuesday, while other soft commodities fell in the day’s trading. Pakistan may be forced to import raw sugar, the nation’s industries ministry said, rather than buying expensive white sugar. Pakistan has been devastated by lethal, destructive floods which have killed over 2,000 people, displaced 20 million people and flooded… Read more.
Thursday wasn’t a good day for equities, but commodity futures recovered somewhat from steep falls yesterday. Number 2 cotton futures rose 3.26 percent to 83.55 cents per pound at 2:30 p.m. EST. Much of the increase, reported Bloomberg News, was driven by a Department of Agriculture report that the U.S. will export 15 million bales… Read more.
Deadly floods in Pakistan devastated crops and food supplies, killing 1,600 people and displacing 14 million. Mohammed Ibrahim Mogul, the chairman of Agri Forum Pakistan, told Bloomberg News that the heavy rains and subsequent flooding had caused $2.9 billion in losses, including 700,000 acres of cotton, 200,000 acres of rice, 500,000 metric tons of wheat… Read more.