摘要:A cotton grower suggested to me in 1996 that cotton prices had forever moved to a new plateau. His reasoning was that inflation had driven prices higher and that the typical base range forcotton prices should reasonably be expected to be between 75 and 85 cents per pound. Thefailure of his analysis was in realizing that cotton is "just another commodity " and like anyother commodity it is subject to wide price swings based on global economic conditions as wellas global cotton production trends.