ALBANY, GA (WALB) - A downturn in the stock market is affecting the price of cotton now ready for harvest in many south Georgia fields.
Prices for the crop have fallen as much as 10 cents per pound in the last six weeks. This year's crop is described as fair. It won't be the bumper crop south Georgia saw the last two years. Cotton that was irrigated did well, but the hot dry summer affected the quality. Harvesting this year has come a little later because of south Georgia's wheat crop.
"This is a late season usually by mid September we're going pretty strong but we got a lot of wheat and a lot of cotton behind that so it's a little bit different this year we're kind of starting off slow but it will probably extend into January because of that," said Floyd Taylor, Doerun Gin Company.
There's still plenty of surplus cotton on the market from the last two years, but the speculation is that will be used up this year with more farmers in the Mississippi Delta choosing to grow soybeans instead of cotton.