NEW YORK (AP) - Cotton prices are down nearly 3 percent after hitting a two-year high the day before.
NEW YORK (AP) — Cotton prices are down nearly 3 percent after hitting a two-year high the day before.
Cotton for May delivery fell 2.5 cents, or 2.6 percent, to 91.7 cents a pound.
The price of cotton hit a two-year high Tuesday after the U.S. Department of Agriculture reported a steep drop in cotton production in 2013 because of poor weather. U.S. cotton production was 12.87 million bales last year, versus the 17.29 million bales the year before.
In other agricultural commodities, May wheat fell 11.5 cents to $6.97 a bushel and corn fell 2 cents to $4.85 a bushel. Soybeans rose 12 cents to $14.40 a bushel.
In metals, gold and silver prices fell. The price of crude oil rose $1.07, or 1 percent, to $100.26 a barrel.