5:36 PM EDT [Dow Jones] - Cotton futures surged the maximum amount for the
third straight session before backing off slightly as high Chinese demand
continued to pace the market. The USDA said Friday China's consumption
increased by 500,000 bales from last month, and analysts said there are no
indications buying has slowed as the country comes off of holiday. The mill
demand, coupled with India's announcement it already filled orders for the 5.5
million bales it plans to export, gave traders the confidence to lift prices to
fresh 15-year highs. ICE December futures were recently at $1.1047 a pound,
from $1.0717 on Friday.