The 2013/14 U.S. cotton production estimate was reduced this month to 12.87 million bales as indicated in the March 2014 Cotton Ginnings report; upland production was placed at 12.23 million bales while the ELS crop was estimated at 633,000 bales. USDA will release final production estimates for 2013/14 on May 9th.
With beginning stocks unchanged in April, this season's cotton supply is now estimated at about 16.8 million bales, nearly 4 million bales below 2012/13 and the lowest in 30 years.
U.S. cotton demand estimates were unchanged in April. U.S. cotton exports remain forecast at 10.7 million bales, 2.3 million bales (18 percent) below the previous season. Despite this decline, the U.S. share of global trade is similar to a year ago estimated at 27 percent in 2013/14 versus about 28 percent in 2012/13.
U.S. cotton mill use is unchanged this month and is projected at 3.6 million bales, 3 percent above last season. Based on data from the Farm Service Agency, U.S. mill use had surpassed 2 million bales during the first 7 months of the marketing year.
