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China holds more than half of the world’s growing cotton stockpile, and it’s running out of storage space.
Cotton production in The Golden State is on a decline for the fourth straight year, as farmers find it increasingly hard to justify growing it amid a multiyear drought.
The three companies that produce a majority of U.S. cottonseed recently announced their new varieties for the 2015 crop season.
Cotton entered a bear market as improved prospects for crops in the U.S., the world’s biggest exporter, compounds the outlook for abundant world supplies.
The government’s forecast for cotton farm prices during the current marketing year is below many farmers’ cost of production.
China is hoarding a record amount of cotton, increasing the risk of a supply surge that would tip prices into a bear market.
Soybean futures headed for the longest rally since March 2012 on signs of rising demand from China, the world’s largest buyer. * Soybean gained 1.3% to $15.1425/bu * Corn futures rose 0.3% to $5.325/b on CBOT * Wheat futures gained 1.8% to $7.0075/b
Check out this online resource from the National Cotton Council.
While cotton prices rallied recently, more competitive crops may win out this year. And this could create a 30-year low in cotton production.
Breeders promise that new varieties will be better suited to hot weather