WASDE: World Ending Stocks are Projected at Just Over 108 Million Bales

Dec 10, 2014

Cotton

The U.S. cotton supply and demand estimates for 2014/15 include lower production and ending stocks compared to last month. Production is reduced 474,000 bales, due mainly to a lower crop estimate for Texas. Domestic mill use and exports are unchanged. Ending stocks are now forecast at 4.6 million bales, or one-third of total disappearance. The marketing-year average price received by producers is projected at 59 to 64 cents per pound, an increase of 3 cents on the lower end of the range, based on stronger-than-expected early season prices.

Global cotton ending stocks for 2014/15 are raised again this month, as a lower consumption forecast is partially offset by lower production. Production is reduced for the United States and Greece, with smaller revisions in several other countries. Global consumption is reduced nearly 1.3 million bales, reflecting lower forecasts for China, India, Brazil, Pakistan, and Turkey. While the projected world consumption growth rate of 3.3 percent remains above the historical average, current indications are that mills’ response to this season’s sharply lower cotton prices is lagging previous expectations. World ending stocks are projected at just over 108 million bales.

Source: USDA WASDE

Video: Not only is corn getting sweatier, it's getting smarter

Over the past several weeks, much of the U.S. Midwest has experienced prolonged episodes of extreme heat, a trend also observed in other major corn-producing regions of North America such as eastern South Dakota, southern Ontario, and parts of Kansas and Missouri. These high-temperature events can place significant physiological stress on maize (Zea mays L.), which is cultivated on approximately 90 million acres across the United States, with leading production in Iowa, Illinois, Nebraska, and Minnesota. Like all maize, Bayer’s PRECEON™ Smart Corn System is subject to transpiration-driven water loss under high heat. However, this system incorporates agronomic traits designed to improve standability through enhanced stalk strength, thereby reducing lodging risk during stress conditions. Furthermore, the system supports precision agriculture practices by enabling more targeted fertilizer and crop protection applications. This approach not only helps to optimize input efficiency but also contributes to maintaining or increasing yield potential under variable environmental stresses such as heat waves, which are becoming more frequent in corn belt and fringe production regions.