WASDE: U.S. Cotton Estimates Slightly Higher Production & Ending Stocks.

COTTON: This month’s 2016/17 U.S. cotton estimates include slightly higher production and ending stocks, as a larger Texas crop is partially offset by decreases for the Southeast. Domestic mill use and exports are unchanged. U.S. ending stocks are now estimated at 4.5 million bales, equivalent to 29 percent of total disappearance. The forecast range for the marketing year average price received by producers of 63.0 to 71.0 cents per pound is raised on both ends. The midpoint of 67 cents per pound- 6 cents above the revised 2015/16 average price of 61.2 cents- reflects activity to date. The world 2016/17 cotton estimates show larger production and ending stocks, due mainly to a 500,000-bale increase for the India crop. Forecast world consumption is virtually unchanged. World trade is raised slightly on a higher India export forecast. World stocks are now projected at 88.3 million bales.