Commodity Blog

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Second Day of Records for Corn & Cotton

February 10, 2011 at 23:36 by Vladimir Vyun

Cotton jumped to a record for the second straight day on the signs of strong demand for fiber from the US. The US Department of Agriculture reported that exports increased 26 percent as of February 3 from a week ago. The USDA predicted that production in the year ending July will total 115.25 million bales, 0.2 percent lower than in the January forecast. March delivery for cotton climbed $0.37 (9 percent) to $1.8758 per pound on ICE. Prices jumped 12 percent this week.

Another commodity posting a second day of records today was corn as demand grew, putting strain on inventories. US export sales advanced 51 percent in the week ended February compared to the previous four weeks, according to the USDA report. The US stockpiles of corn will be equal to about 18 days of consumption before the next harvest, near the record low of 1996. March futures for corn delivery gained $0.005 (0.1 percent) to $6.985 per bushel by 13:15 on CBoT, reaching $7.045 earlier, the highest price for the most-active contract since July 2008.

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