How Drought Cost America’s Cotton Industry Billions

CNBC published this video item, entitled “How Drought Cost America’s Cotton Industry Billions” – below is their description.

Barry Evans is a Texas cotton farmer facing a severe drought. Extreme heat and lack of precipitation forced the fourth generation farmer to walk away from 75% of his cotton crop. And Evans is not alone. Across Texas farmers are expected to abandon roughly 69% of the cotton acres that they planted earlier in the year. The Lone Star State accounts for about 40% of U.S. cotton production. And it’s not just cotton farmers who are impacted by the drought. Cotton gins, where cotton is processed, may be facing an even tougher time. America’s cotton production is expected to be about 14 million bales in 2022 down 21% from the previous year. Cotton prices, which surged in the Spring of 2022 following growing Chinese demand, have since fallen amid economic uncertainty and a strong U.S. dollar. The cotton industry is facing other headwinds too as consumers shift towards clothes made from synthetic fibers like polyester and nylon. Watch the video to learn more.

Produced by: Shawn Baldwin

Production Assistant: Macklin Fishman

Graphics: Jason Reginato

Supervising Producer: Jeniece Pettitt

Chapters:

0:00-2:09 Intro

2:10-4:43 Chapter 1 Texas farmers

4:44-8:08 Chapter 2 Cotton Gins

8:09-12:04 Chapter 3 Importance of Seeds

CNBC YouTube Channel

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About This Source - CNBC

CNBC is an American pay television business news channel owned by NBCUniversal News Group, a division of NBCUniversal, with both indirectly owned by Comcast. Headquartered in Englewood Cliffs, New Jersey, the network primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

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Texas is a state in the South Central region of the United States. At 268,596 square miles, and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by both area and population.

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