U.S. exports of the fiber this year have surged 93 percent compared with the first six weeks in 2009, U.S. Department of Agriculture figures show. World cotton consumption is expected to climb 4.9 percent to 115.5 million bales in the year through July, the USDA said on Feb. 9. Stockpiles will reach 3.3 million bales, the lowest amount since 2004, the USDA said.
“The market is kind of caught in a tight situation,” said Jack Scoville, a vice president at Price Group Inc., a broker in Chicago. “Demand has really been good.”
