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Cotton industry could use revenue insurance program

The U.S. cotton industry is interested in the possibility of a revenue insurance program to supplement existing insurance products.

In testimony earlier this month to a U.S. Senate committee, Chuck Coley, chairman of the Memphis-based National Cotton Council, recalled the prolonged drought in Texas and Oklahoma in 2010, this year’s drought and the severe flooding in several states.

“We have to have access to crop insurance, risk management tools and even emergency assistance programs to survive and recover from these natural disasters,” Coley said.

He added that “the availability of effective risk management tools like crop insurance is important even in so-called normal years because cotton producers need to recover a portion of lost revenues if their crop is damaged after they have invested in the inputs, technology and equipment necessary to produce and market a crop.”

 

Dansette

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