(Bloomberg) -- Cotton in New York rallied to a
three-year high on speculation the U.S. government will reduce
its production forecast next week after farmers planted the
fewest acres with the fiber since 1989.
About 11.06 million acres were planted with cotton this
year, 9 percent less than forecast in March and 28 percent fewer
than last year, the U.S. Department of Agriculture said June 29.
The lower acreage may prompt the USDA to cut its production
estimate for the year starting Aug. 1 from a June forecast of
18.8 million bales.
Read more at Bloomberg Commodities News
three-year high on speculation the U.S. government will reduce
its production forecast next week after farmers planted the
fewest acres with the fiber since 1989.
About 11.06 million acres were planted with cotton this
year, 9 percent less than forecast in March and 28 percent fewer
than last year, the U.S. Department of Agriculture said June 29.
The lower acreage may prompt the USDA to cut its production
estimate for the year starting Aug. 1 from a June forecast of
18.8 million bales.
Read more at Bloomberg Commodities News
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