1509 EDT [Dow Jones] - Cotton futures surged their maximum allowable amount
following a USDA crop report early Friday before paring its gains. Traders
pushed higher after the government said Chinese consumption increased by
500,000 bales from last month. Analysts said that China's demand remains strong
despite high cotton prices as it tries to make up for crops lost to heavy rains
earlier in the year. The USDA also adjusted its U.S. crop estimate slightly
higher, and predicted world production would fall short of consumption by about
4 million bales. ICE December futures settled 3.42 cents, or 3.3%, higher at
1.0717.