Cotton prices soared above 90 cents a pound for the first time in nearly a year, while wheat soared 2.0%, helped by robust US crop export data, which beat forecasts for corn too.

New York cotton futures for May delivery soared 2.5% to 90.86 cents a pound, their best finish since April last year.

The rise was helped by US Department of Agriculture statistics showing that the US, top cotton exporter, sold 187,600 running bales of cotton to foreign buyers last week, a up 25% week on week.

While actual shipments fell 31% week on week to 352,800 running bales, "that is still a strong figure", said Keith Brown, at US-based cotton broker Keith Brown & Co.

'Very bullish'

Other figures welcomed by investors included wheat export sales of 888,500 tonnes, making it the second best week of the marketing year.

Factoring in nearly 200,000 tonnes of new crop sales on top, the combined total made it the best week for US wheat sales since February 2011 and, according to broker Country Futures, was a "very bullish" result.

Wheat futures for May delivery stood 2.0% higher at $7.24 ½ a bushel in closing deals in Chicago.

Soy softness

Corn export sales of 282,300 tonnes, for old crop, represented an improvement on the net cancellations of orders seen the previous week, if remaining soft by historical standards.

Nonetheless, adding in new crop orders, including 191,000 tonnes to much-watched Chinese buyers, the total of 653,300 tonnes made it the best week for the grain since November, and beat market expectations.

The run of upbeat data did not, however, extend to the soy complex, where combined new crop and old export sales of soybeans came in at some 780,000 tonnes, short of market expectations, with those for soymeal falling to 51,700 tonnes, their lowest of 2012-13.

Even so, actual shipments of soymeal topped 269,000 tonnes, a figure termed "impressive" by RJ O'Brien's Richard Feltes.

Cotton rethink?

Cotton's close higher extends a startling run which has taken gains so far in 2013 to 21%, on a front contract basis.

Other factors seen as supporting prices include expectations of continued Chinese imports, tight stocks elsewhere in the world, and a loss of acreage to other crops, given the low prices relative to the likes of corn and soybeans earlier in the year.

However, Mr Brown cautioned that the high prices were already prompting cotton farmers to reassess ideas of switching crops.

"We are starting to see some corn acres taken out of planting plans and go to cotton in the US South," he told Agrimoney.com.