2015/16 exports are projected at 10.8 million bales, the result of a 100,000-bale increase in July but 200,000 bales below the revised 2014/15 estimate.
According to the latest USDA report, the 2015 US cotton crop is projected at 14.5 million bales, unchanged since May and 11 per cent below the #
With global cotton trade also forecast lower in 2015/16, the US share of world trade is expected to be near the previous season's 32 per cent.
Based on the latest supply and demand estimates, 2015/16 ending stocks are forecast at 4.2 million bales, equal to the 2014/15 estimate and the highest since 6.3 million bales were reported for 2008/09.
USDA informed that US stocks were relatively low between 2009/10 and 2013/14, years of large imports by China which benefited US cotton exports and kept stocks tight and stocks-to-use ratio is forecast at 29 per cent.
“The 2015/16 upland cotton farm price is expected to range between 54 and 70 cents per pound, with the midpoint of this range 1.5 cents above 2014/15's estimate of 60.5 cents per pound,” USDA stated. (AR)
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