Estimated US cotton production for 2010 has been lowered by nearly half a million bales, a move that comes as cotton prices remain at near-record levels.
The US Department of Agriculture has reduced its estimate for US cotton by 455,000 bales, to 18.4 million, due to lower expected yields for Texas, according to Southeast Farm Press. Nationwide, yields are expected to average 821 pounds per acre, up 44 pounds from last year, the publication added.
Cotton prices have skyrocketed this year, with futures prices topping $1.50 a pound. Over the past few days, cotton has backed off some from all-time highs reached earlier this month, but are still above $1.30 a pound.