COTTON: This month’s 2016/17 U.S. cotton forecasts include increased production, lower domestic mill use, and higher exports and ending stocks. Production is raised 62,000 bales to 16. 5 million due to an increase for Texas, which is partially offset by decreases for the Carolinas. Domestic mill use is reduced 200,000 bales as recent activity indicates a slowdown in pace compared to the year-ago level. The export Projection is raised 200,000 bales on higher production. Ending stocks are now projected at 4.8 milli on bales or 31 percent of disappearance. The forecast range of 64 to 70 cents per pound for the marketing year average price received by producers is narrowed one ent on each end.
The global 2016/17 forecasts likewise show higher production and increased ending stocks compared with last month. Prodution is raised for Australia, the United States, and others. Consumtion is reduced for India, the United States, and South Korea, and raised for China and Vietnam. World trade is revise d marginally. World ending st ocks
are raised 842,000 bales to 89.1 million.