What is in this article?:
- Cotton prices remain steady
- Timely rain improves crop
December cotton prices hang tight at a good 85-cent range.
The main worry now is making the crop to assure delivery on contracts.
Cotton prices continue to hold around the 85-cent mark. A good goal this year was to sell as much cotton as possible first at 80 cents or better then at 85 cents or better. If you’ve followed that philosophy, you should be sitting pretty good right now.
Timely rain improves crop
Mostly, the entire Cotton Belt has had rain. In Georgia, where we have had a LOT of rain in June and July, we continue to get rain but to a lesser degree. This has allowed more timely field operations to resume in some areas.
Drought-stricken Texas, including the Plains area has had rainfall over the last couple of weeks. Some areas report 2 to 5 inches of rain. Typically, the market might decline on this news but it hasn’t. Reports from the area suggest that the rain is too late to save the non-irrigated crop in some cases. The rain may help the irrigated crop to achieve an even higher yield potential.
Overall crop conditions improved slightly last week but 24% was in poor to very poor condition. Conditions, as expected, are running behind last year. USDA’s August numbers will be the first of the season based on actual farmer survey estimates of harvest acres and yield.