"This is the best opportunity to plant cotton in years," says Joe Nicosia, CEO of Allenberg Cotton Co., Memphis.
Responding to the National Cotton Council's recent estimates of planting intentions, the trader added, "If 10.1 million acres in the U.S. is correct (NCC estimates) you could be looking at more than $1 per pound, because that is not enough acres in the U.S. for this year," he said.
Nicosia's remarks come as the 58th annual Mid-South Farm and Gin Show got underway in Memphis today.