Sept. 6 (Bloomberg) -- Cotton futures gained the most in three weeks as export sales more than doubled from the U.S., the world’s top shipper. Sugar, coffee and orange juice also rose, while cocoa slid.
In the week ended Aug. 29, net sales of upland cotton surged to 163,300 running bales from 68,800 bales a week earlier, the U.S. Department of Agriculture said today. China, the biggest consumer, bought more than half.
“The export numbers are very supportive,” Louis Rose, an industry consultant in Memphis, Tennessee, said in an e-mail. “We have significant sales to Asia” after indications that supplies from India and Australia may be more competitive, he said.
Cotton for December delivery advanced 1.1 percent to settle at 83.21 cents a pound at 2:30 p.m. on ICE Futures U.S. in New York, the biggest advance since Aug. 16. The price has risen 11 percent this year. A running bale weighs 500 pounds, or 227 kilograms.
Raw-sugar futures for October delivery jumped 1.7 percent to 16.79 cents a pound. Trading was 81 percent above the 100-day average at this time, data compiled by Bloomberg show.
Brazil’s real headed for the biggest weekly gain against the dollar since January 2012, eroding the appeal of exports priced in the greenback. The South American nation is the top shipper of sugar, coffee and orange juice.
Arabica-coffee futures for December delivery increased 0.9 percent to $1.1785 a pound. The commodity posted a weekly gain of 1.3 percent, the first since Aug. 9.
Orange-juice futures for November delivery added 0.3 percent to $1.3315 a pound, paring its weekly loss to 3.1 percent.
Cocoa futures for December delivery fell 0.1 percent to $2,564 a metric ton. Earlier, the price reached $2,583, the highest in almost a year.
--Editors: Thomas Galatola, Millie Munshi