‘Pass the Buck’ Cotton Stories to Continue
November 22, 2010 By Roger Haldenby
Plains Cotton Growers
A month ago December ’10 cotton was at $1.09. As the market shot spaceward on tales of smaller crops in West Texas, India, and China and solid demand around the world it reached a heady zenith of over $1.57 just one week ago.
The past couple of weeks have brought us stories forecasting gloom and doom with predictions of price increases to consumers of $10 or even more for a pair of jeans containing, at most, two pounds of cotton. Similar stories expecting the price of a T-shirt, that contains a half pound or less of cotton, to go up by $5 or more have also circulated.
Then came a slide back with several limit down days on the market dropping the December ’10 almost 30 cents to a Friday close of $1.2790.
Will we see a moderation to these tales of woe? Will we hear stories breathing a sigh of relief that you can rest easy in a new pair of blue jeans without maxing out your credit card? Probably not.
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