OTHER NEWS - May 2, 1994

China Buys More Cotton From U.S.: The U.S. Department of Agriculture reported new sales of 69,300 bales of cotton to China and confirmed that 237,900 bales previously marked for export will be sold to the nation. “That’s a fair amount of cotton,” said Terry Townsend, statistician with the International Cotton Advisory Committee in Washington. Cotton prices soared on the news, with July cotton surging as high as 83.45 cents a pound, its highest price in almost three years. China has now bought 720,000 bales from the United States this crop year, Townsend said, and an estimated 1 million bales from the world market.