World

The cost of T-shirts and jeans will rise as cotton hits its 10-year high after crops have been wiped out by extreme weather.

T-shirts and jeans could be even higher after extreme weather has devastated US cotton, after cotton prices hit a 10-year high last week.

Commodity prices have risen by a whopping 22 percent last week.

Cotton futures surged 4% to $ 1.09. This is the highest since September 2011. CNN business..

Last year’s cotton this time was about 65 cents per pound. Nasdaq.. Rising prices increase the cost of clothing, which had already risen after a combination of pandemics and extreme weather, and could gradually fall to consumers.

Extreme weather has wiped out US cotton, and cotton prices have reached their 10-year highs, which could lead to even higher prices for T-shirts and jeans.

Last year's cotton was about 65 cents per pound, according to Nasdaq data (pictured). It's currently $ 1.09 per pound.

Last year’s cotton was about 65 cents per pound, according to Nasdaq data (pictured). It’s currently $ 1.09 per pound.

Clothing prices rose 4.2% during the 12 months ending in August.

According to government inflation reports, price increases were up to 4.4% for men’s shirts and sweaters. Men’s trousers and shorts increased by 6.6%, and women’s dresses increased by 11.9%.

According to CNN Business, the price of this product has skyrocketed, mainly as droughts and heat waves have wiped out cotton throughout the United States, one of the world’s leading cotton exporters.

According to Bloomberg, Chicago-based Plexus Cotton Ltd. Director Peter Egli called the situation a “classical short squeeze,” and Mizuho Securities’ director of energy capabilities Robert Yawger attributed the price surge to a “shortage.” ‘.

“The planting season didn’t go well,” said Yawger.

Last year’s weather was useless. In October 2020, a Category 2 storm-classified hurricane zeta struck Alabama and devastated cotton fields.

Approximately 60% of cotton was torn from the fields, according to USDA crop progress and status reports.

Clothing prices rose 4.2% during the 12 months ending in August.

Clothing prices rose 4.2% during the 12 months ending in August.

According to government inflation reports, price increases were the largest for men's shirts and sweaters, up 4.4%. 6.6% increase in men's pants and shorts.And women's dresses increased by 11.9 percent

According to government inflation reports, price increases were the largest for men’s shirts and sweaters, up 4.4%. 6.6% increase in men’s pants and shorts.And women’s dresses increased by 11.9 percent

“For those who still have recoverable crops, quality and yield are much lower than expected before the Zetas, especially for farmers in Alabama’s Black Belt and coastal counties,” Alabama said. Carla Hornady of the State Farmers’ Federation Cotton said. Soybeans; Director of Wheat and Forage Grains.

according to WSFAJoe Jordan, President of the Monroe County Farmers’ Federation, planned to begin harvesting 494 acres of cotton in the first week of November, days before the storm struck.

Jordan describes what the Zetas left behind: When driving by Thursday morning, you could only see the brown stalks.

“All the cotton was knocked off the ground. It’s pretty rough.”

A month ago, in September 2020, a Florida farmer in Okaloosa County hit this year’s cotton hard after a hurricane sari fast wind and more than 20 inches of rain.

Robert Yogar, director of energy functions at Mizuho Securities (pictured), said the rise in prices was due to a

Robert Yogar, director of energy functions at Mizuho Securities (pictured), said the rise in prices was due to a “shortage”. “The planting season didn’t go well,” he added.

The damage caused by the storm was a loss of about $ 1 million. NWF Daily News, And also washed away the nutrients that farmers rely on for their crops to grow and prosper.

“50 percent of the open cotton is on the ground,” Nick Marshall, a farmer who runs a farm with his father, told the news station.

China is also demanding high demand for cotton, and CNN business stems from the US trade policy implemented by the Trump administration in December 2020.

Last year, the Trump administration blocked US companies from importing cotton and cotton products originating from the western Xinjiang Uygur Autonomous Region of China due to forced labor abroad.

The policy’s penalties have been maintained since Biden took office, and CNN business analysts reported that as a result, some Chinese companies began buying US cotton.

These companies then manufacture products from the cotton and sell the products back to the United States and other markets around the world.

The cost of T-shirts and jeans will rise as cotton hits its 10-year high after crops have been wiped out by extreme weather.

Source link The cost of T-shirts and jeans will rise as cotton hits its 10-year high after crops have been wiped out by extreme weather.

Back to top button