Harvested cotton in round modules waiting to be processed by local cotton gins (FCR Photo)
LOCKNEY, TX – Floyd County gins have wrapped up another cotton ginning season, but the landscape differs from just one year ago.
Cotton prices, which fell to 50¢ per pound in April of 2020, rallied to an 11-year high in April 2022, reaching $1.56 per pound. A pandemic-related increase in demand and inclement growing conditions in competing regions of the world fueled the rally.
Today, prices have experienced a 45 percent drop from the April high, ending the calendar year with a 26 percent loss in value (year-over-year).
In addition, an ongoing drought led to many acres within the county being abandoned, thus setting the stage for a smaller crop – the smallest since 2011.
Floyd County gins were responsible for 105,354 bales of a USDA estimated 14.2 million bale crop this season.
