"However, Rabobank rated cotton as its second best ag commodity bet for next year, seeing prices rise to average 73 cents a pound in New York in the October-to-December period of 2015, up from a forecast 63 cents a pound in the current quarter.
The forecast implies a substantial rise ahead for New York's December 2015 contract, which was on Tuesday trading at 63.26 cents a pound.
Northern hemisphere cotton area will, on a harvested basis, drop 4% in 2015-16, with US sowings down 7% to 10.6m acres thanks to a switch to soybeans.
Meanwhile, with consumption rising, "futures are expected to find mild support through the second half of 2015, as the 2015-16 marketing year commences and ending stocks decline for the first time in six seasons"."
NAM Price at posting:
35.5¢ Sentiment: Buy Disclosure: Not Held
