Texas has had the driest first 90 days of a year since the drought of the 1950’s according to Texas AgriLife Extension economist Jay Yates. If the state does not receive rain soon, there could be high rates of abandonment, especially on dryland, and irrigated land may face the prospect of not having enough water to irrigate for the full growing season. The weather conditions are threatening the cotton crop size and available exportable supply for the coming year. The U.S. Department of Agriculture (USDA) recently forecasted cotton exports at 10.9 million bales for 2013/14 compared to 13.3 million bales for 2012/13. The market is predicted to be volatile with 90% of the west Texas cotton growing region reported in dry to extremely dry conditions. If China moves to put cotton on the global market, prices could plummet.
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