This is reported by Bloomberg. U.S. plantings are expected to be boosted by increased foreign demand, as well as higher commodity prices and a prolonged drought in the cotton-growing state of Texas.
The potential upside for the world’s biggest commodity supplier came after New York cotton futures hit a decade-high in late January. Fiber production rose 44 percent last year, according to forecasts of a second global shortage.
U.S. farmers plan to plant 12 million acres for the season beginning Aug. 1, up nearly 7.3 percent from a year earlier, according to a National Cotton Council survey released Sunday, Feb. 13. According to experts, the opportunity to increase the supply of American cotton has appeared at a time when they are decreasing, and the world demand for textile products is growing rapidly. According to forecasts of the United States Department of Agriculture, cotton consumption is expected to grow by 2.8 percent this year.
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