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

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.   

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