Cotton futures fell, heading for the third decline in four sessions, on mounting concern that global supplies will be more than sufficient to meet demand.

Global inventories of cotton on July 31, 2014, will climb 9.4 percent from a year earlier to a record 92.74 million bales, the U.S. Department of Agriculture said May 10. A bale weighs 480 pounds, or 218 kilograms. The International Cotton Advisory Committee on May 1 boosted its inventory forecast for next year by 11 percent from a month-earlier estimate.

“ThereΆs a lot of surplus youΆve got to go through,” Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview. “It looks like weΆre going to have some big crops.”

Cotton for July delivery slumped 0.9 percent to 86.11 cents a pound at 12:03 p.m. on ICE Futures U.S. in New York. Prices are up 16 percent this year through yesterday.