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COTTON: This month’s 2019/20 U.S. cotton estimates include lower production and ending stocks due to a smaller crop in the Southwest. While the U.S. production forecast is reduced 4 percent, to 20.8 million bales, domestic mill use and exports are unchanged. U.S. ending stocks are now 900,000 bales lower at 6.1 million but, at 31 percent, are still forecast at their highest share of use since 2008/09. The marketing-year average price received by upland producers is forecast at 61 cents per pound, 5 percent (3 cents) above the October forecast, but 13 percent lower than the final 2018/19 price of 70.3 cents. This month’s 2019/20 world cotton forecasts include lower production, lower ending stocks and higher world trade. World production is reduced nearly 3.0 million bales, with reductions occurring primarily in the United States, Pakistan, India, and China. There are also smaller declines in the production estimates for Turkey and Turkmenistan. World trade is forecast 1.1 million bales higher, with higher imports by Turkey, Pakistan, and India more than offsetting a 200,000-bale decline in Indonesia. Higher exports are projected from Brazil, Malaysia, Benin, Greece, India, and several smaller countries. With little change from the previous month in beginning stocks or consumption, world 2019/20 cotton ending stocks are projected nearly 3.0 million bales lower this month. At 80.8 million bales, world ending stocks in 2019/20 are forecast nearly unchanged from 2018/19. U.S. Cotton Supply and Use
Note: Reliability calculations at end of report. 1/ Upland and extra-long staple; marketing year beginning August 1. Totals may not add due to rounding. 2/ Reflects the difference between the previous season's supply less total use and ending stocks. 3/ Cents per pound for upland cotton. World Cotton Supply and Use
1/ Marketing year beginning August 1. Totals may not add exactly and trade may not balance due to rounding and other factors. 2/ Generally reflects cotton lost or destroyed in the marketing channel; for Australia, Brazil, China, and the United States, reflects the difference between implicit stocks based on supply less total use and indicated ending stocks. 3/ Less than 5,000 bales. 4/ Includes Egypt and Syria in addition to the countries and regions listed. 5/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. 6/ Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Argentina, Australia, Brazil, Lesotho, South Africa, Tanzania, Zambia, and Zimbabwe. 8/ In addition to the countries and regions listed, includes Japan, Russia, South Korea, and Taiwan. 9/ Includes intra-EU trade. [Date:2019-11-08] |
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