Governor Rick Perry, a candidate for the Republican presidential nomination and a cotton grower's son, asked his followers to seek rain from a higher power in order to cease the "monster drought" that is killing crops and cattle herds. A Bloomberg survey indicates cotton futures stand the likelihood of rising as much as 15 percent by the end of December.
"It's by far the worst drought I've ever been through," 52-year-old Dahlen Hancock, a cotton farmer for three decades in Northwest Texas, told Bloomberg. "We thought we'd kind of seen it all, to some degree. This rewrote the books."
At 2:34 p.m. on Monday, cotton futures increased 0.58 percent, a .006 cent rise to $1.0492 per pound.
Dahlen, a fourth-generation cotton farmer, told the Houston Chronicle that he has lost some 3,000 acres dry land cotton. His remaining acreage will use supplemental water but rainfall is vitally important in the face of the drought.
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