100-Million Bales in 2004?

Cotton producers ended up with a decent harvest and price in 2003. But with an adjusted world price of roughly 64 cents, what does the future hold in 2004, especially if we end up with 100 million bales? Alabama Extension economist Dr. Robert Goodman’s guess is that even with 100-million bales, demand will exceed supply, ending stocks will fall and prices will remain high. Ditto corn and soybeans.