The effects of epic flooding across Asia keep looking worse. China’s Ministry of Agriculture said today the cotton fields are in worse condition than a year earlier, according to Bloomberg. India’s textile and agriculture ministries also said today cotton production would miss estimates, according to Business Line.
Cotton is up over 1.5% on crop concerns, reaching 15-year highs.
But the bull market for cotton clearly follows more than one summer of flooding. There have been many summers of flooding, along with growing demand in the developing world.