U.S. Mill Use Steady in 2011
September 1, 2011 According to the U.S. Commerce Department, July’s total cotton consumption in domestic mills was 121 million pounds, for a seasonally adjusted annualized rate of 3.39 million bales.
Last year’s July annualized rate was 3.53 million bales. The June (five-week month) estimate of domestic mill use of cotton was raised by 711,000 pounds to 165.8 million. The revised seasonally adjusted annualized rate of consumption for June is 3.52 million. This is higher than last year’s June annualized rate of 3.47 million bales.
The Commerce Department’s estimate of both Upland and extra-long staple (ELS) consumption of cotton by U.S. mills, when adjusted to represent the complete 2010/11 crop year, is approximately 3.61 million bales. USDA’s August estimate of 2010/11 crop year mill use was 3.80 million bales. Commerce’s estimate of exports for the same crop year is approximately 14.38 million bales, compared to USDA’s latest export estimate of 14.40 million bales.
Commerce’s survey-based estimate of stocks on hand as of July 31, 2011, was 2.84 million bales. USDA’s August estimate of ending stocks for the time period was 2.85 million bales. USDA’s next supply and demand estimates are scheduled to be released on September 12.
Sales, Shipments Lag
Net export sales for the week ending Aug. 18 were down 237,100 bales (480-lb). This brings total 2011/12 sales to approximately 6.7 million bales. Total sales at the same point in the 2010/11 marketing year were approximately 6.9 million bales. Total new crop (2012/13) sales are 143,200 bales.
Shipments for the week were 93,000 bales, bringing total exports to date to 265,000 bales, compared with the 681,900 bales at the comparable point in the 2010/11 marketing year.
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