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WASDE: Cotton Production and Ending Stocks Lowered Slightly

December 11, 2012
 
 

COTTON: The 2012/13 U.S. cotton estimates include slightly lower production, higher exports, and lower ending stocks relative to last month. Production is reduced 190,000 bales, as a decrease for Texas is partially offset by increases for the Southeast and Delta. Domestic mill use is unchanged. Exports are raised 200,000 bales to 11.8 million, reflecting relatively strong
sales in November. Ending stocks are now estimated at 5.4 million bales, equal to nearly 36 percent of total use. The forecast of 65-71 cents per pound for the marketing year average
price received by producers is narrowed 1 cent on each end of the range.

This month’s revisions to the 2012/13 world cotton supply and demand estimates show lower beginning and ending stocks, due mainly to a technical adjustment for Turkey beginning in 2005/06. World production is raised 70,000 bales, as increases for several African Franc Zone countries are mostly offset by reductions for Australia and the United States. World consumption also is raised slightly. Forecast world trade is increased 1.1 million bales due to higher expected import demand by China, India, and Vietnam. It now appears that two-thirds
of China’s 2012 crop may be purchased for the national reserve, constraining supplies available to mills.

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Coverage, Analysis of the Dec. 11 USDA Reports
See all of the data, coverage and analysis of the World Agricultural Supply and Demand Estimates and Crop Production reports.

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RELATED TOPICS: Cotton, USDA

 
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