High quality of U.S. cotton continues to support demand and has helped push nearby futures prices close to 90 cents a pound.
It’s a different story for new crop prices as old crop futures prices don’t seem to be pulling them along.
That, plus an anticipated greater supply of cotton in 2014-15, is why cotton market analysts speaking at Ag Market Network’s February update say new crop cotton may offer the best prices at planting, as the market looks to attract cotton acres.
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John Robinson, Extension economist, cotton marketing at Texas A&M, Robinson said U.S. cotton acreage is not likely to shift far from the National Cotton Council’s recent survey of cotton producers , which indicated plantings for 2014 of 11.27 million acres.
Robinson says 11 million acres of cotton would likely produce a 16-million bale crop. With 3 million bales of carryover from 2013, domestic use in 2014-15 of about 3.5 million bales and exports of around 9 million bales, U.S. ending stocks would climb to about 6 million bales next year, pushing the stocks-to-use ration higher.