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King Cotton comeback?
Louisiana Agriculture Commissioner Mike Strain is expecting cotton production to spike in Louisiana on the heels of the commodity hitting its highest price since the Johnson Administration — the Andrew Johnson Administration.
Cotton reached a 140-year market high on Nov. 12, reaching levels unseen since Reconstruction. The surge was brought about by increased demand from China and a bad international harvest, according to market analysts.
December cotton contracts reached about $1.20 per-pound on the Intercontinental Exchange before prices fell to slightly under $1 per-pound over fears concerning the weakening U.S. dollar.
At $1.20, cotton prices were the highest since 1870, as recorded by the New York Cotton Exchange.
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