(Reuters) - ICE cotton futures extended gains on Friday after a federal supply and demand agency reduced its projection for global production and ending stocks for the 2020/21 crop year.
Cotton contracts for December rose 0.42 cent, or 0.7% to 64.31 cents per lb as of 12:22 pm ET.
The United States Department of Agriculture (USDA) in its latest World Agriculture Supply and Demand Estimates (WASDE) report cut its global production estimate to 116.25 million bales from 118.74 projected in June.
U.S. ending stocks are forecast at 6.8 million bales, 1.2 million lower than in June and production estimate slashed by 2-million bales, as per the monthly report.
Reporting by Diptendu Lahiri in Bengaluru
Source: Reuters