Cotton
In one of the most heavily ignored and needless catastrophes in recent U.S. history, 548,000 acres of the Mississippi Delta were silently swallowed in 2019 and submerged for five months.
Cotton conditions look to be improving as the crop draws closer to harvest. According to the latest USDA data, 71% of the U.S. cotton crop is now rated good to excellent. That compares to 46% this time last year.
A tropical storm making its way across portions of the U.S. could dampen outlooks for cotton supplies this year. Parts of the southeast are dealing with heavy rains from the remnants of Fred this week.
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If you’re not from one of the 17 cotton-producing states, you might not realize that the United States is the world’s biggest exporter of cotton.
Cotton prices have been on a rollercoaster ride this past year. The start to 2021 showed a story of improved prices, which is a dramatic change from just a year ago, as geopolitical issues also come into play.
The latest U.S. Drought Monitor shows from North Dakota to Texas, all the way west to California, the most severe levels of drought didn’t ease across the U.S. this past week.
The cotton price picture is seeing some bullish factors come into play. USDA’s WASDE report on Friday revealed higher exports - along with a smaller crop last year - continue to eat into overall supplies.
Cotton futures rose on Wednesday supported by concerns that dry weather in West Texas, the largest U.S cotton-producing region, may weigh on U.S supplies of the crop.