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Cotton Highlights from June WASDE Report

Cotton Highlights from June WASDE Report

The June 2019 World Agricultural Supply and Demand Estimates (WASDE) report has been released by USDA. Here’s this month’s summary for cotton:

The 2019/20 U.S. cotton supply and demand projections are unchanged from last month, with the exception of a 1-cent decline in the season-average upland farm price to 64 cents per pound. The 2018/19 U.S. cotton balance sheet is unchanged.

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The world 2019/20 cotton projections include higher beginning stocks, slightly lower production, lower consumption and trade, and higher ending stocks. Ending stocks for 2019/20 are projected 1.6 million bales higher than in May, due to a 1.1-million-bale increase in beginning stocks and a 660,000-bale decline in consumption. Beginning stocks are higher largely due to larger 2018/19 production in India and lower 2018/19 consumption in China. World consumption and imports in 2019/20 are projected lower largely due to a 500,000-bale decline in each variable’s forecast for China. Lower exports are expected for Australia due to lower production, but higher expected exports from India are partly offsetting.