Cotton futures sank on Wednesday as investors booked profits after the U.S. government cut its outlook for U.S. supplies in line with expectations.
The most-active May cotton contract on ICE Futures U.S. closed down 1.35 cents, or 1.5 percent, to settle at 90.44 cents a lb after hitting a two-week low of 90.31 cents.
The U.S. Agriculture Department (USDA) cut its forecast for 2013/14 supplies by end-July in the United States, the world's top exporter, to 2.5 million 480-lb bales due to low
