The West African nation will try to reach that goal by increasing pay to cotton growers by 26 percent, according to Laurent Fihox, spokesman for the nation's cotton growers and ginners association. During the 2011-2012 season, farmers will receive 265 CFA francs (59 cents) per kilogram as compared to the 210 CFA francs they received for the harvest that ended in May.
"By setting a good farmgate price for 2011-12, we are hoping to attract new producers," Fihox told the publication, noting the 174,000 tons of cotton that the nation produced during 2010-11 was 15 percent lower than forecasts. "Production was not as good as we had hoped because of unfavorable weather. There was too much rainfall in October and November."
Cotton futures closed on Wednesday up 0.17 percent, a 0.0022 cent climb to $1.3015 per pound.
Parts of Texas, the U.S. state that produces the most cotton in the country, are enduring dry weather that is conducive to the growth of newly planted cotton crops, according to the International Business Times.
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