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Cotton Climbs to 140-Year High

 Highest since records began in 1870


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Robert, it's not just food shortages that we're facing, it's also rising cotton prices needed for clothing. - Peter Pesola


25 Oct 10 - (Excerpts) - Cotton prices touched their highest level since Reconstruction on Friday, as a string of bad harvests and demand from China spark worries of a global shortfall.

Cotton has risen as much as 56% in three months.

The December cotton contract hit $1.1980 a pound ... the highest price since records began back in 1870 with the creation of the New York Cotton Exchange.

Along with cotton, prices of so-called soft commodities such as sugar, orange juice and coffee all have soared, adding to concerns that consumers might soon be paying higher prices for daily necessities.

Pakistan, the fourth-largest producer of cotton, saw its crops affected by devastating floods this summer. Heavy rains in China crimped that nation's crop, resulting in a 5.4% drop in global production in 2010.

See entire article by Adam Cancryn and Carolyn Cui:

See also:
Global food crisis forecast - Prices reach record highs

26 Oct 10 - "World wheat and maize prices have risen 57%,
rice 45% and sugar 55% over the last six months, soybeans
are at their highest price for 16 months and meat prices are
at 20-year highs."
See Global food crisis forecast - Prices reach record highs





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