By James Clark - email
LUBBOCK, TX (KCBD) - It could be a record-setting year for Lubbock's cotton industry. According to Lubbock-based Plains Cotton Growers, "2010 is on pace to easily set a new record for Average Price Received by growers." PCG quotes U.S. Department of Agriculture statistics as saying the record high average price is 75.4 cents per pound, which was set in 1995.
The PCG website says, "So far the 2010 Upland Cotton Weighted Average Price, calculated through October 2010, stands at 77.44 cents per pound. The preliminary mid-month price reported for November 2010 is 80.10 cents per pound."
Meanwhile cotton contract prices on the futures market surged last week based upon concern about India's cotton crop. Cotton futures rose 6 cents to $1.3234 per pound. With the exception of Civil War prices of $1.89 per pound, that's an all time record.
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