No considerable rainfall will drop in the U.S.' most productive state for the soft fiber during the next 14 days, according to AccuWeather. The period from October 2010 through May 2011 was Texas' driest since 1895, when records of such information started, according to a Texas State Climatologist.
"There's no real forecast for any type of weather that’s going to make the cotton areas, especially the Texas areas, get any better," Jack Scoville, a vice president at Price Futures Group in Chicago, told the news service.
At 2:47 p.m. on Tuesday, cotton futures slid 0.06 percent, a 0.0007 cent drop to $1.24 per pound.
While the U.S. is the globe's biggest supplier of cotton, another nation is deliberately growing.
Farmers in Brazil are anticipating large crop yields, Reuters reports. The South American nation was prompted to plant cotton because of high future prices and a lasting boom in agriculture. And the nation is likely to achieve a measure of success due to the nation's robust economy and expansive size.
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