Cotton Slumps on Improving U.S. Crop, China Demand Fears

Cotton futures declined Wednesday, as improving U.S. cotton crop conditions and concerns over a slowdown in demand from China continued to weigh on prices.

On the ICE Futures U.S. Exchange, cotton futures for March delivery traded at $0.9322 a pound during European afternoon trade, dropping 0.63 percent.

The U.S. Department of Agriculture said in its final crop progress report for the season published last week, that nearly 92 percent of the U.S. cotton crop was harvested as of November 27, up from 84 percent the week before and above the five-year average of 82 percent for this time of year.