America's struggling cotton industry

Cotton farmers in Texas, where about 40% of the U.S. crop is produced, are facing a severe drought that's costing the industry billions. A lack of rain and extreme heat is forcing growers in the state to abandon almost 70% of the cotton acres they planted earlier this year, according to a forecast by the United States Department of Agriculture. Cotton prices, which surged in the spring following growing Chinese demand, have since fallen amid economic uncertainty and a strong U.S. dollar.