Pursuits
Texas Dust Bowl Drives Cotton Rally as Perry Prays for Rain
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The worst U.S. crop conditions since the dust bowl era of the 1930s are tightening domestic supplies of cotton and boosting prospects for a rebound in prices that fell more than any other commodity this year.
Withering fields in Texas, the largest U.S. grower, led Governor Rick Perry, a Republican presidential candidate and the son of a cotton farmer, to ask supporters to pray for rain to end a “monster drought” shrinking cattle herds and killing crops. Cotton futures in New York may rise as much as 15 percent by the end of December to $1.20 a pound, the median of 17 estimates in a Bloomberg survey of analysts showed.