By Julie Wernau

Cotton prices jumped Thursday on robust sales overseas.

Cotton for December delivery rose 2.1% to end at 75.83 cents a pound on the ICE Futures U.S. exchange, the highest since June 24, 2014.

Cotton has been a star performer this year among commodities. Prices are up 20% year-to-date following an upward revision by the USDA's forecast for U.S. exports of the fiber along with a drop in its estimate of stocks in India.

"The market is now likely to be in deficit for a second consecutive season," Capital Economics said in a note. " Although we would caution that stocks remain high."

The world is estimated to be sitting on approximately 91 million bales of cotton in stockpiles, according to government estimates. Each bale weighs 480 pounds.

More than half the world's stockpiles are held by China, which has been auctioning the fiber into its local market. China plans to increase its daily offer rate of 30,000 tons a day in September.