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Demand Estimates Drive Cotton Higher, Hurt Wheat & Soybeans

March 15, 2013 at 18:52 by Vladimir Vyun

Cotton advanced today on speculations that demand from China will increase. The US Department of Agriculture boosted its estimate for consumption in the Asian nation this year to 36 million bales, which is 1.4 percent above the previous month’s forecast. Additionally, the USDA increased its prediction for China’s imports by 7.1 percent. May futures for cotton jumped as much as $0.0174 (1.86 percent) to $0.9255 bushel as of 18:48 GMT on CBoT today.

At the same time, soybeans retained bearish momentum and wheat joined the drop. Experts predicted that demand for the agricultural commodities will trail output. Weather is helping plants, improving prospects for yield. May contract for wheat declined $0.0375 (0.55 percent) to $7.2075 per bushel and soybeans edged down $0.1150 (0.8 percent) to $14.2350 per bushel.

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