COTTON: The U.S. 2014/15 cotton supply and demand estimates are unchanged from last month. The forecast range for the marketing year average price received by producers of 59.0 to 62.0 cents per pound is lowered 1 cent on the upper end, with the midpoint estimated at 60.5 cents per pound.
Marginal reductions in 2014/15 world cotton production and consumption are boosting projected global stocks to just over 110 million bales. Production is raised for Pakistan, but is lowered for Tajikistan and others. Consumption is reduced mainly for China, where yarn imports continue to rise, displacing growth in domestic cotton spinning. Lower consumption by China is partially offset by increases for Bangladesh, Indonesia, and Vietnam. World trade is raised slightly.