If acreage projections hold true, American growers could see $1 cotton in the near future, according to Allenberg CEO Joe Nicosia.

Speaking to a packed room at the Mid-South Farm and Gin Show in Memphis, Nicosia said 10.1 million acres of cotton – a number projected by the National Cotton Council earlier this year – would not be enough to compensate for depleted worldwide stocks. As accelerated demand outpaces lagging supply, the result could spell relief for the U.S. cotton grower.

“The world’s going to need a minimum of 5 million additional cotton acres in 2010. There’s no way we can exist with the amount of acreage we have today. At least one third of that is going to have to come from the United States,” said Nicosia.

Allenberg estimates the U.S. will grow as much as 10.5 million acres in the coming year. A Cotton Grower acreage survey conducted in 2009 projected 9.9 million acres in the U.S in 2010. In January, the NCC survey projecting 10.1 million acres was released.

“My personal bias is that the number will get even bigger.