Excerpt from Agricultural Situation, Vol. 52: March 1968
There is news in every phase of the cotton economy, from the harvest of last fall to a well-pruned carryover in store for August.
The big news, of course, was the crop. With smaller plantings in 1966, and con tinned crop damage, an estimated million running bales were harvested. It was less than anyone expected - the smallest cotton output since 1895.
News has also been made on the cotton markets, where, in past years, prices seemed unwilling to budge more than a cent or two. As crop prospects dimmed last fall, buyers were faced with the first really substantial reduction in cotton supplies in a half-dozen years. Prices trended upward, and gaps developed be tween the prices paid for short, medium, and long-staples.
The biggest story may be in the small est carryover in years. For the first August since 1953, remaining stocks will total less than 7 million bales, in contrast to nearly 17 million 2 years ago.
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