According to the old adage, “It’s better to be lucky than good.” As cotton growers in Australia are beginning to realize, however, it’s even better to be both. That fact is becoming more apparent as this year’s harvest--expected to reach an all-time high due to above-average rainfall in Australia--coincides with all-time high cotton prices, resulting in a financial windfall for farmers. Already the fourth-largest cotton exporter in the world, Australia’s production is expected to reach as many as 3.8 million bales, thanks in large part to unexpectedly high rainfall (2010 had the third-wettest October in the country’s history).

The “lucky” part of the equation is the spike in prices, which are outside the control of any individual or group. The price for December-delivery cotton topped $1.34 per pound on Nov. 2. Since early summer, cotton prices have rocketed more than 80 percent.

The “good” part of the equation was provided by Australia’s growers, who wouldn’t quit on cotton. While this year’s rainfall has been unusually high, this season’s outstanding production totals are a credit to the dedication of the cotton farmers. Due to drought conditions, Australian production was only 1.7 million bales last year, and barely exceeded 500,000 bales during the 2007-08 harvest. The fact that this year’s excellent output coincides with historically high prices is a well-deserved reward for those growers who continued to plant cotton in spite of the prior, lean years.