According to the International Cotton (28460,-415.00,-1.44%) Advisory Committee headquartered in Washington, USA, high cotton prices will prompt farmers around the world to increase cotton planting area next season.
According to the International Cotton (28460, -415.00, -1.44%) Advisory Committee headquartered in Washington, USA, high cotton prices will prompt global farmers to increase cotton planting area next season, and global cotton prices may fall by half by the end of 2011. The average price of cotton in 2011/2012 is likely to be close to a dollar per pound.
On March 28, the price of cotton futures for May delivery on the Intercontinental Exchange in the United States fell to the limit, closing at $1.9443 per pound. Cotton futures prices have nearly doubled in the past six months as bad weather in major producers such as China and Pakistan reduced production and boosted demand. On March 7, the price of cotton in the ICE futures market rose to US$2.197/lb, setting a record high.
The U.S. Department of Agriculture predicts that global cotton production will reach a record high of 127.5 million bales in 2011/2012. The cotton planting area in the United States will increase by 20% in 2011/2012.
In addition, according to a Bloomberg survey of analysts, analysts expect that U.S. farmers will significantly increase cotton planting area in 2011 because cotton prices have soared and hit a record high.
Analysts predict that the U.S. cotton sown area will reach 13.136 million acres in 2011, an increase of 20% from the previous year’s 10.97 million acres.
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