WASDE: U.S. cotton Supply & Demand Forecasts Show Slightly Higher Exports & Lower Ending Stocks

COTTON: The 2016/17 U.S. cotton supply and demand forecasts show slightly higher exports and lower ending stocks relative to last month. Production and domestic mill use are unchanged. The export forecast is raised 200,000 bales to 12.7 million based on strong export sales during January. Ending stocks are now estimated at 4.8 million bales, equivalent to 30 percent of total disappearance. The marketing year average price received by producers is projected to average between 67 and 71 cents per pound, an increase of 2 cents on both ends of the range, as recent market prices have exceeded previous expectations. The 2016/17 world c otton forecasts incl ude slightly higher consumpti on and lo er ending stocks. World production is virtually unch anged fro m last mon th, as a higher estimate f or China i mostly offset by lo wer expectations fo Pakistan, Uzbekistan, and Turkm enistan. Global co nsumption is foreca st higher, due mainl y to increa ses for India, Bangladesh, a nd Vietnam. World ending stocks are now proje cted at 89.9 million bales.