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3171 per pound, up 7% from the previous day and nearly 50% from mid-September.
.
Northwest Texas produces about 40 percent of the total U.
S.
production
.
Rain has been unusually low since January, "so the size of the harvest will be very uncertain"
.
Texas A&M University professor and cotton expert John Robinson said
.
Usually, the cotton planting season is from March to June each year
.
Many see conditions this year as similar to the worst drought in the U.
S.
in 2011, when cotton prices rose to $2.
27 a pound
.
Dry weather took a toll on already growing demand for cotton
.
As the world's largest cotton producer and importer, China's demand is accelerating
.
S.
production
.
Rain has been unusually low since January, "so the size of the harvest will be very uncertain"
.
Texas A&M University professor and cotton expert John Robinson said
.
Usually, the cotton planting season is from March to June each year
.
Many see conditions this year as similar to the worst drought in the U.
S.
in 2011, when cotton prices rose to $2.
27 a pound
.
Dry weather took a toll on already growing demand for cotton
.
As the world's largest cotton producer and importer, China's demand is accelerating
.
At the same time, the price of pesticides, which are derivatives of oil, is also soaring
.
U.
S.
financial services agency StoneX Group broker Arlan Suderman said that high cotton prices may promote the increase in cotton acreage in the United States, but the cost of pesticides may limit this growth from the other side
.
.
U.
S.
financial services agency StoneX Group broker Arlan Suderman said that high cotton prices may promote the increase in cotton acreage in the United States, but the cost of pesticides may limit this growth from the other side
.
