Cotton turns higher on grains rally, India weather

NEW YORK - Cotton prices jumped Friday, boosted by a rally in the grains market and concerns that monsoons in India may damage cotton crops in the world's second-largest producer. Cotton for December delivery rose 0.64 cent on Friday to close at 74.50 cents a pound on the ICE Futures US exchange. The gains came as prices for corn, soybeans and wheat rose Friday on concerns that recent pullbacks don't reflect the true value of Midwest crops, which have been recovering from devastating June floods. Ongoing monsoons in India have also threatened cotton crops there, raising concerns of tightened international supplies, said Sharon Johnson, senior cotton analyst at First Capitol Group in Atlanta. "Cotton planting already was running behind in India and the weather situation doesn't help things," she said. Also boosting prices... [read full story]