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USDA: January cotton supply and demand estimation
This month’s outlook for U.S. cotton in 2019/20 includes lower production and ending stocks compared with last month, while domestic mill use and exports are unchanged. Production is lowered 100,000 bales, mainly due to a decline in Texas which was partially offset in other States. Ending stocks are 100,000 bales lower this month at 5.4 million bales. Upland cotton season-average price received by farmers is projected 2 cents higher than a month ago at 63 cents per pound, based on stronger-than-expected early season prices. 

The global 2019/20 cotton forecasts include lower production, trade, and ending stocks. Production is forecast 630,000 bales lower, and changes for 2019/20 this month, other than the United States, include decreases for Turkey, Australia, Mali, and Pakistan. World consumption is virtually unchanged as an increase in Uzbekistan’s expected use is offset by declines for Bangladesh and Vietnam. World trade in 2019/20 is projected 550,000 bales lower, largely due to a 500,000-bale drop in China’s expected imports. Smaller declines for Bangladesh and Vietnam are offset by increases for Turkey and Pakistan. Exports are 200,000 bales lower for India and Uzbekistan, and also lower for Australia and Mali. Global 2019/20 ending stocks are 730,000 bales lower this month. At 79.6 million bales, total ending stocks are projected about unchanged from 2018/19, but stocks outside of China are expected 3.0 million bales above the year before. 

2019/20 Proj. Beginning Stocks Production Imports Domestic Use Exports Loss  /2  Ending Stocks
World Dec 79.69 121.11 44.38 120.27 44.4 0.19 80.32
Jan 79.53 120.48 43.83 120.22 43.85 0.19 79.59
  World Less China Dec 44.02 93.86 35.38 81.77 44.22 0.19 47.08
Jan 43.86 93.23 35.33 81.72 43.67 0.19 46.85
United States Dec 4.85 20.21 0.01 3 16.5 0.06 5.5
Jan 4.85 20.1 0.01 3 16.5 0.06 5.4
Total Foreign Dec 74.84 100.9 44.38 117.27 27.9 0.13 74.82
Jan 74.68 100.38 43.83 117.22 27.35 0.13 74.19
  Major Exporters 4/ Dec 28.08 57.12 2.88 33.85 23.4 0.02 30.82
Jan 28.13 56.91 2.88 34.05 22.85 0.02 31
    Central Asia 5/ Dec 2.31 5.86 3/ 4.14 1.89 0 2.14
Jan 2.31 5.86 3/ 4.34 1.69 0 2.14
    Afr. Fr. Zone 6/ Dec 1.37 5.91 3/ 0.14 5.68 0 1.46
Jan 1.42 5.87 3/ 0.14 5.68 0 1.47
    S. Hemis. 7/ Dec 14.81 15.37 0.18 4.38 11.54 0.01 14.44
Jan 14.81 15.19 0.18 4.38 11.39 0.01 14.41
      Australia Dec 1.57 0.85 3/ 0.04 1.5 0 0.89
Jan 1.57 0.68 3/ 0.04 1.35 0 0.86
      Brazil Dec 11.78 12.5 0.03 3.4 8.8 0 12.1
Jan 11.78 12.5 0.03 3.4 8.8 0 12.1
    India Dec 9.31 29.5 2.2 24.5 4 0 12.51
Jan 9.31 29.5 2.2 24.5 3.8 0 12.71
  Major Importers 8/ Dec 44.8 40.73 38.92 79.22 2.94 0.11 42.17
Jan 44.6 40.42 38.37 78.97 2.94 0.11 41.36
    Mexico Dec 0.77 1.58 0.85 2 0.45 0.03 0.72
Jan 0.77 1.57 0.8 1.95 0.45 0.03 0.71
    China Dec 35.67 27.25 9 38.5 0.18 0 33.25
Jan 35.67 27.25 8.5 38.5 0.18 0 32.75
    European Union 9/ Dec 0.23 1.96 0.65 0.69 1.86 0.03 0.26
Jan 0.23 1.96 0.65 0.69 1.86 0.03 0.26
    Turkey Dec 1.59 3.6 4 7.1 0.35 0 1.74
Jan 1.59 3.4 4.1 7.1 0.35 0 1.64
    Pakistan Dec 2.5 6.2 4.2 10.6 0.1 0.03 2.17
Jan 2.5 6.1 4.3 10.6 0.1 0.03 2.17
    Indonesia Dec 0.53 3/ 3.1 3.1 0.01 0 0.53
Jan 0.53 3/ 3.1 3.1 0.01 0 0.53
    Thailand Dec 0.18 3/ 1 1 0 0.03 0.15
Jan 0.18 3/ 1 1 0 0.03 0.15
    Bangladesh Dec 1.78 0.14 7.3 7.4 0 0.01 1.81
Jan 1.58 0.14 7.2 7.3 0 0.01 1.61
    Vietnam Dec 1.19 3/ 7.2 7.2 0 0 1.19
Jan 1.19 3/ 7.1 7.1 0 0 1.19


1/ Marketing year beginning August 1. Totals may not add exactly and trade may not balance due to rounding and other factors.    2/ Generally reflects cotton lost or destroyed in the marketing channel; for Australia, Brazil, China, and the United States, reflects the difference between implicit stocks based on supply less total use and indicated ending stocks. 3/ Less than 5,000 bales. 4/ Includes Egypt and Syria in addition to the countries and regions listed. 5/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. 6/ Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Argentina, Australia, Brazil, Lesotho, South Africa, Tanzania, Zambia, and Zimbabwe. 8/ In addition to the countries and regions listed, includes Japan, Russia, South Korea, and Taiwan. 9/ Includes intra-EU trade. 

unit: Million 480-Pound Bales 

source: USDA
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