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Mill Use, Export Projections Lowered

In its November report, USDA lowered U.S. mill use by 100,000 bales from its October report to 3.30 million bales. Exports were lowered 500,000 bales from October to 15.00 million bales. This generates a total 2018-19 offtake of 18.30 million bales. Ending stocks for 2018-19 are projected at 4.3 million bales for an ending stocks-to-use ratio of 23.5%.
For the 2017-18 crop year, USDA gauged U.S. cotton production at 20.92 million bales. Estimated mill use and exports were unchanged from the October report at 3.23 million bales and 15.85 million bales, respectively. Total offtake for the 2017-18 crop year is estimated at 19.07 million bales. Ending stocks were estimated at 4.30 million bales. The estimated stocks-to-use ratio for the 2017-18 marketing year is 22.5%.
In USDA's November report, the projected 2018-19 world production estimate was lowered 2.27 million bales from the October report to 119.39 million bales. World mill use was lowered 880,000 bales from the October report to a projected 126.88 million bales. Consequently, world ending stocks for 2018-19 are projected to be 72.61 million bales for a stocks-to-use ratio of 57.2%.
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