Cotton futures fell on Friday, ahead of the US holiday weekend, as damage to crops of the natural fibre from a tropical storm churning through the eastern coast of the United States was lesser than initially anticipated. Cotton futures had surged on Thursday to register their biggest intraday percentage gain in about seven weeks on concerns that Hurricane Hermine could hurt crops, with prices supported by strong weekly export sales data and a weaker dollar.
Hermine, the first hurricane to mak
Cotton futures surged on Thursday to register their biggest intraday percentage gain in about seven weeks on concerns that a hurricane in the Gulf of Mexico could hurt crops, with prices supported by strong weekly export sales data and a weaker dollar. Tropical storm Hermine has strengthened into a hurricane as it heads to Florida's northern Gulf Coast. After battering coastal Florida, Hermine is expected to barrel across the northern part of the state into Georgia, then slam southern US coastal
Cotton futures fell for a third straight session on Wednesday to their lowest level since early July on speculator selling towards the end of the month, ahead of weekly export sales data from the United States Department of Agriculture (USDA) on Thursday.
"I would suspect that people are shortening or evening up ahead of some pretty heavy rains across the eastern seaboard of the US" said Louis Rose, an independent cotton trader and consultant with Risk Analytics in Memphis. Thursday's weekly
