COTTON: The U.S. 2014/15 cotton supply and demand estimates include higher production and ending stocks relative to last month. Production is raised to 16.3 million bales to reflect the USDA’s final Cotton Ginnings report, released March 25, 2015. With no revisions to domestic mill use or exports, ending stocks are raised 200,000 bales to 4.4 million. The range of 59 to 61 cents per pound for the estimated marketing year average price received by producers is reduced 1 cent on the upper end, based on prices to date.
The aggregate 2014/15 world supply and demand estimates show very marginal changes from last month. World production is virtually the same at 119 million bales, as decreases for India and Uzbekistan are offset by increases for the United States, Mexico, Pakistan, and others. Consumption is raised marginally, as increases for India, Vietnam, and Pakistan are mostly offset by reductions for Turkey, Brazil, Hong Kong, and others. World trade is lowered slightly, including increases in imports by China and Vietnam and reductions for several other countries. Global stocks of 110 million bales are virtually unchanged from last month.