Economist: Cotton has turned the corner

US cotton farmers should fare better in 2010 than the previous year, according to a University of Georgia Extension economist.

“,,, you can’t deny we have at least turned the corner, and we’re looking better on the demand side and that is more important than anything else,” said Don Shurley, a UGA economist speaking at the Georgia Cotton Conference held in Tifton, Ga., this past week.

Demand is up, supply is down and as a result prices have been rising, Shurley told the Southeast Farm Press.

For example, January cotton prices came in at 65.12 cents per pound, compared with 43.87 cents a year ago. And futures prices have soared past 80 cents a pound.

Optimistically, cotton prices will stay at 70 cents (a pound) or better, Shurley said.