Cotton prices climbed a 29-month high on signs of higher demand by Asian mills for shipments from the U.S., the world’s leading exporter. Orange-juice futures dropped.

India’s economy grew 8.8 percent in the second quarter from a year earlier, the fastest pace since 2007, government data showed today. The textile industry is probably “a big player” in that growth, said Andy Ryan, a risk-management consultant at FCStone Group Inc. in Nashville, Tennessee. China is the world’s biggest cotton consumer, followed by India.

“You’ve got continued interest out of spinning mills in Asia,” Ryan said. “It seems to be that the physical demand is still pushing the market up.”

Cotton futures for December delivery rose 0.92 cent, or 1.1 percent, to 87.35 cents a pound at 12:32 p.m. on ICE Futures U.S. in New York. Earlier, the price reached to 87.49 cents, the highest level for a most-active contract since March 6, 2008.

The fiber headed for the biggest monthly gain since February. Before today, the price rose 14 percent this year.

Global stockpiles will drop to 45.6 million bales by July 31, the lowest level since 1997, the U.S. Department of Agriculture has said. A bale weighs 480 pounds (218 kilograms).

In the week ended Aug. 29, 60 percent of the U.S. crop was reported in good to excellent condition, down from 62 percent a week earlier, the USDA said yesterday.

“There’s a little concern about the tightness going into harvest,” Ryan said.

Orange-juice futures for November delivery fell 1.6 cents, or 1.1 percent, to $1.3875 a pound. The price headed for the biggest monthly drop since March. Before today, the commodity climbed 8.8 percent this year.