Related Keywords: bales, Bloomberg, China, cotton, crop, exports, fibre, low, rain, United States
Cotton is in the grips of the bears, and fresh U.S. supply forecasts coming this week will probably keep it there.
Prices tumbled to a three-year low on Tuesday amid the outlook for big supplies at a time when consumption growth is slowing and American exports are hurting. Hedge funds are holding their biggest-ever bet that the declines will continue. Meanwhile, traders and analysts expect that the U.S. Department of Agriculture will raise its outlook for domestic stockpiles, with the hoard forecast to reach a 12-year high.
