Cotton summit focuses on world outlook

Laws, Forrest
July 2004
Southeast Farm Press;7/21/2004, Vol. 31 Issue 18, p23
Trade Publication
The U.S. cotton producers may have been victims of a run of bad luck, when New York futures peaked above 80 cents per pound in October and then began a descent that has continued for eight months. That phenomenon of having too much cotton the rest of the world did not want wasn't the only factor, but it did play a role in the subsequent drop of the nearby New York contract from that 82 cent level to 45 cents per pound, according to Ed Jernigan, CEO of Globecot Inc. "I feel very humble trying to talk about the market," said Jernigan, presenting the global supply/demand outlook for 2004 and 2005 at the Global Cotton Quality Summit in Singapore.


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