Update On Global Shortage
First and foremost, it has been documented that the price of cotton has gone down from its all time high. To put this in its proper prospective, at its highest price, cotton was selling at $2.35 per pound. As of June 1, 2011, on the New York Board of Trade Futures Exchange, cotton was selling at $1.65 per pound. At one point last month, cotton was even as low as $1.44 per pound. It is very important to recognize the fact that a year ago cotton was selling at $.70 per pound, so even with the lowest current prices, the price is still more than double what it was just a year ago.
Read more from Alan Schwartz on the Global Shortage of Textiles.