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How Drought Cost America’s Cotton Industry Billions

Barry Evans is a Texas cotton farmer facing a severe drought. Extreme heat and lack of precipitation forced the fourth generation farmer to walk away from 75% of his cotton crop. And Evans is not alone. Across Texas farmers are expected to abandon roughly 69% of the cotton acres that they planted earlier in the year. The Lone Star State accounts for about 40% of U.S. cotton production. And it's not just cotton farmers who are impacted by the drought. Cotton gins, where cotton is processed, may be facing an even tougher time. America’s cotton production is expected to be about 14 million bales in 2022 down 21% from the previous year. Cotton prices, which surged in the Spring of 2022 following growing Chinese demand, have since fallen amid economic uncertainty and a strong U.S. dollar. The cotton industry is facing other headwinds too as consumers shift towards clothes made from synthetic fibers like polyester and nylon. Watch the video to learn more. Produced by: Shawn Baldwin Production Assistant: Macklin Fishman Graphics: Jason Reginato Supervising Producer: Jeniece Pettitt Chapters: 0:00-2:09 Intro 2:10-4:43 Chapter 1 Texas farmers 4:44-8:08 Chapter 2 Cotton Gins 8:09-12:04 Chapter 3 Importance of Seeds » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Subscribe to CNBC PRO: https://cnb.cx/2NLi9AN #CNBC How Drought Cost America’s Cotton Industry Billions