While the Texas cotton crop in the southeast region of the state has sustained damage over the weekend from Hurricane Harvey, the overall crop rating for cotton saw a significant improvement, according to the USDA Crop Conditions report on Monday. Sixty-five percent of the crop in the top 15 cotton growing states is now rated as good-excellent. That's a three point improvement from last week.
Prior to the storm 58% of the Texas crop was described as good-excellent.
However, according to Gene Hall of the Texas Farm Bureau approximately 300,000 acres of cotton in the state were in the storm’s path. He says 98% of the crop was harvested, but a lot of it was in a module covered with tarps and still got saturated and destroyed.
Cotton prices saw a significant rally on Monday, moving more than a dollar higher.