WASDE Cotton: Lower Domestic Production, Exports, End Stocks
The 2020/21 U.S. cotton estimates include slightly higher beginning stocks relative to last month but lower production, mill use, exports, and ending stocks.
Production is lowered 1.0 million bales to 17.1 million, with a lower projection for every region. Mill use is projected 200,000 bales lower this month, but compared with its revised 2019/20 level is still expected to rise 16 percent. Exports and ending stocks are 400,000 bales lower, reflecting reduced U.S. supply and stronger foreign competition.