cotton hits record price

another all-time record high from cotton overnight. Nudging US1.30/lb = A$654/bale. (cotton bales are 500lb) I expect TAN is planting flat-chat and all 4,000ha will be sown. Majority of crop should be in the ground although cold temps will def hinder germination. Tandou's lack of rain in harvesting season is an advantage although some years the bolls get dusty from windstorms. These prices are so high that even a latish planted crp can produce strong margins. Heard today on ABC radio that growers can sell 2013 crop on futures mkt. Some are locking in their 2011/12 crop now.... and why not with prices at record high.
Can cotton go higher? I reckon 50% chance we'll see 136c/lb. That's A$700/bale at 97c exchange rate. Unprecedented. Hopefully we'll get an update soon on how crop is faring. Unfortunately some of 2010/11 crop has been pre-sold... at what was then considered an outstanding price.