By Julie Wernau

Cotton prices were on track for their fourth straight session of gains, benefiting from forecasts that new production in the current season will fall 1 million tons short of demand.

Cotton for May delivery rose 0.3% to 58.46 cents a pound on the ICE Futures U.S. exchange, on track for its highest close since Feb. 22.

At the end of February, cotton prices dropped to their lowest level since June 2009.

According to a note from Commerzbank, cotton is profiting now from the generally more conducive environment for commodities.

In early March, the International Cotton Advisory Committee not only forecast an 8% decline in the recently record- high global stocks for 2015-16, but also predicted that they would fall further in 2016-17, Commerzbank added.

The firm said, however, that the upside for cotton prices is limited as long as China's imports don't improve. The country holds most of the world's cotton stockpiles and has been importing less U.S. cotton as it attempts to unwind from its stores of the fiber.

In other markets, raw sugar for May delivery fell 1.8% to 15.15 cents a pound, cocoa for May was down 0.4%, arabica coffee for May was flat at $1.2715 a pound and frozen concentrated orange juice futures for May were down 0.7% at $1.265 a pound.