Reuters News Service,
The losses in
While most of the country's attention was riveted by the devastating floods which drowned large swathes of the U.S. Midwest cropland, farms in
"We're going to take a hit on total production," Carl Anderson, an influential cotton economist who had worked with
"I am writing off 1.0 million acres in cotton," he said. "I will stick with 1.0 million because others are talking of (losses up to) 1.5 million acres."
Roger Haldenby of Plains Cotton Growers, which monitors the largest cotton growing area in the
Recent rains in the area may have come too late to save the cotton, with
TRADE MULLS LOSSES
The question uppermost in the minds of the cotton trade right now is how much of a hit
Other analysts believe the rains in the area threw a wrench into most analysts' estimates about those losses, and it would take time to unravel them.
"It sure muddies the picture," Sharon Johnson, cotton expert for First Capitol Group in
She said the recent rains and prospects for more showers during the week may slightly lower the losses. "It sure makes the situation not as dire, but we have a long way to go."
Mike Stevens, an analyst with brokers SFS Futures in
Haldenby explained that half an inch of rain in
"It clouds the picture as to what the losses are likely to be," he said. "We're definitely looking at a moving target."
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