COTTON:
The U.S. cotton estimates for 2013/14 are unchanged, with ending stocks projected at 3 million bales. The marketing-year average price is projected in a narrower range of 74-78 cents per pound, with the midpoint of 76 cents raised from 74.5 cents last month.
The 2013/14 world cotton supply and demand estimates include lower production and ending stocks. Global consumption is unchanged this month. Production is lowered for China, where additional information about re-classing in Xinjiang indicates production is lower than previously thought. Production is also reduced for Australia and Pakistan, but raised for Argentina, Greece, and others. Offsetting export adjustments result in total trade being virtually unchanged. World stocks are lowered to 96.5 million bales, with China accounting for 59 percent of the total.
Source: USDA WASDE