Cotton Futures Rise on Texas Crop Concern

Cotton Futures Rise on Texas Crop Concern

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Το περιεχόμενο του άρθρου δεν είναι διαθέσιμο στη γλώσσα που έχετε επιλέξει και ως εκ τούτου το εμφανίζουμε στην αυθεντική του εκδοχή. Μπορείτε να χρησιμοποιήσετε την υπηρεσία Google Translate για να το μεταφράσετε.

Cotton rose to a three-week high as persistent drought conditions devastated crops in Texas, the largest U.S. grower.

In the week ended July 31, about 57 percent of Texas cotton crops were in poor or very poor condition, Department of Agriculture data show. Prices touched a 10-month low last week partly on bets that Tropical Storm Don would bring beneficial rain. The storm “did not bring any measurable rain” and “the ground is still bald and scorched,” Mile Gibbs, an agent for Texas AgriLife Extension Service, said in an e-mailed report.

“WeΆre still looking at a pretty big problem,” Jack Scoville, a commodity analyst at Price Futures Group Inc. in Chicago, said in a telephone interview. “No relief from the drought appears likely this week after the tropical storm from last week did little good.”

Cotton for December delivery gained 1.8 cents, or 1.7 percent, to settle at $1.0685 a pound at 2:38 p.m. on ICE Futures U.S. in New York. Earlier, the fiber touched $1.0862, the highest since July 14.

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