David Stanford, an official with Plains Cotton Cooperative in Lubbock, TX, and an NCC Board member, comments on the changing terrain of the cotton marketing system.
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Stanford says the swift worldwide adoption of electronic technology has drastically changed the dynamics of marketing cotton.
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The U.S. cotton industry has more tools to help make U.S. cotton more valuable, Stanford says, and that helps make marketing firms more competitive.
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In Stanford’s view, standardization is a key element in making electronic trading more efficient.
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U.S. textile mills are an example of being forced to face cost-cutting worldwide that has greatly changed the competitive environment.
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Stanford says the revenue support provided by the current farm law is critical in helping farmers obtain financing to stay in business.