Cotton rose to the highest price in more than two weeks as crop damage from floodwaters widened in Australia, the world’s fourth-largest exporter.

At least 23 people have been killed by flooding in Queensland state, with waters in Brisbane expected to peak tomorrow. Cotton prices in New York have doubled in the past year as global supplies lagged behind increasing demand. The fiber reached to a record $1.5912 a pound on Dec. 21.

“The flooding in Australia has fueled concern over tight supply,” said Han Sung Min, a broker at Korea Exchange Bank Futures Co. in Seoul.

Cotton for March delivery rose 0.72 cent, or 0.5 percent, to settle at $1.4797 at 2:36 p.m. on ICE Futures U.S. in New York. Earlier, the price rose by the exchange limit of 5 cents to $1.5225, the highest since Dec. 23.

The U.S. Department of Agriculture today lowered its global-production estimate for the year that began on Aug. 1. Output will be 115.46 million bales, or 0.1 percent less than expected last month. The USDA raised its consumption forecast by 0.3 percent to 116.58 million bales. A bale weighs 480 pounds, or 218 kilograms.

“The overall situation remains tight, and some traders expect a move to new highs in prices soon,” said Jack Scoville, a vice president at Price Futures Group, Inc. in Chicago.

Crop Losses

The Australian Cotton Shippers Association said yesterday that crop losses were about 300,000 bales, and that damage may worsen should wet weather continue. Before the floods, the group forecast record production of more than 4 million bales.

“We’ve probably written off 65,000 hectares of cotton in Queensland,” Wayne Gordon, an analyst at Rabobank Groep NV, said today.

In the year that started Aug. 1, the U.S. is forecast to be the largest exporter, followed by India and Uzbekistan, government data show.