JACKSON, Miss. (WJTV) – The price of cotton is nearing an all-time high.
According to the Wall Street Journal, most active U.S. cotton futures trading on the Intercontinental Exchange closed Tuesday up 3.8% at $1.09 a pound, keeping prices at their highest level since September 2011. Prices have risen 22% over the past 11 sessions.
In part, analysts blame a drought that’s impacting production. Demand is also very strong.
Lonnie Fortner, a longtime farmer in Vicksburg, Mississippi, said the high prices make for an unpredictable year.
“It makes marketing plans so much more frustrating because the pressure is so high to hit the highs, and there’s no way you can hit these highs,” Fortner said.
With the holiday shopping season right around the corner, consumers may be faced with rising clothing prices.
“I think one that all the growers in the state is ready to see come to an end,” said Fortner.
There was a similar trend that happened about a decade ago.
“A lot of textile manufacturers because the prices was going up, they decided to use other alternative fabrics,” said Commissioner of Agriculture and Commerce Andy Gipson.
Cotton is one of the top three-row crop productions in Mississippi, next to soybeans and corn.