Bale Fungibility & Pakistan's Cotton Disaster
The National Cotton Council recently held its midyear meeting. Bale packaging, industry research, and the Farm Bill were all on the docket.
Dr. Gary Adams, president and chief executive officer of the National Cotton Council…
“Another activity that is being put together looks at what we refer to as “fungibility” within cotton bales. There’s some options that we can look at to hopefully increase the substitutability of bales that have similar quality characteristics, perhaps can work to improve the flow of cotton into our marketing system.”
The development of the domestic crop was top of mind as well as how it looks globally…
“We’re also watching closely some of the developments that are occurring in other countries, particularly what we’ve seen in Pakistan over the last couple of weeks. So certainly a lot challenges facing the industry, but we certainly feel like we’ve got a good team at the National Cotton Council that’s working to address those priorities for the U.S. cotton industry.”
Reports from Reuters telling us that 45% of Pakistani cotton crops have been washed away as recent, unprecedented flash floods caused by historic monsoon rains have washed away roads, crops, infrastructure and bridges, killing at least 1,000 people.