By James Clark email
LUBBOCK, TX (KCBD) - Officially cotton prices hit an all time record high on Friday. Unofficially prices did not surpass Civil War cotton prices. To put this in perspective, it means Billions, not millions, of dollars of impact on the greater Lubbock area.
The December cotton contract hit an all time official high of $1.1980 a pound at one point Friday, before eventually settling back down to $1.0987 a pound. These incredible prices come at just the right time for Lubbock area cotton farmers as the South Plains is on track for a record setting harvest.
Many farmers locked in prices earlier this year at 70 to 75 cents a pound but historically that's also a good price.
Copyright 2010 KCBD. All rights reserved.