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Cotton Futures Gain After USDA Says Exports More Than DoubledJuly 3rd, 2008Cotton futures rose after the U.S. Department of Agriculture said exports more than doubled, signaling increased demand. Upland cotton sales climbed to 42,473 bales for the week ended June 26, up from 19,136 the previous week, the department said on its Web site. The biggest buyer was South Korea, with about 16,400 bales. A bale weighs 480 pounds (218 kilograms). ``That's all we need for this market,'' said Fain Shaffer, president of Infinity Trading Corp., a commodities brokerage in Medford, Oregon. Concern that exports would slow had been holding down the price, he said. Cotton futures for December delivery rose for the first time after four declines, adding 0.06 cent, or 0.1 percent, to 75.35 cents a pound on ICE Futures U.S., the former New York Board of Trade. Most-active futures dropped 7.4 percent this week, the most since March, on speculation that surging U.S. fuel and food prices may reduce demand for clothing. A government report showed U.S. farmers are planting more than analysts expected this year. The price still has gained 11 percent in 2008. The market will be closed tomorrow for the U.S. Independence Day holiday. - Ron Day in New York at Bloomberg. Click here for your Free Cotton Futures Trading eGuide | |