Friday, March 18, 2011

Cotton Prices Double

Higher demand, reduced supplies, and tight cotton stocks have driven cotton prices to over $2/pound in March. Last July prices were 80 cents/pound.  The $2/pound erased the longstanding record of $1.89/pound that was set during the Civil War. 
Before the Civil War, cotton sold for 10 cents/pound in 1860.  The Union "boycott" of Confederate ports forced prices to rise to $1.89/pound in 1863 and 1864.  In real dollar (adjusted for inflation) terms the Civil war price would be around $30/pound in today's dollars.
Pictures are from the South Carolina Cotton Museum in Bishopville.

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