Cotton futures jumped to the highest in more than 10 years after the U.S. government cut its outlook for domestic production more than analysts expected.
The Department of Agriculture on Wednesday trimmed its estimate for U.S. output to 17.62 million bales, mostly because of yield revisions for Texas, the top-producing state. That compares with 18.28 million bales the USDA estimated in December, and 18.24 million projected by analysts in a Bloomberg survey. The agency noted shipping disruptions affecting world trade.
