Cotton Extends Longest Slump Since July as Economic Outlook Dims

Cotton futures fell for the fifth straight session, marking the longest slump since July, on signs that slowing economic growth will curb demand for supplies from the U.S., the world's largest exporter.

The debt crisis in Europe and political squabbling over how to prevent contagion are raising concern that the risk of defaults by governments is increasing, the International Monetary Fund said today. The MSCI World Index of equities fell as much as 2.5 percent. Cotton futures have plunged 53 percent from a record in March.