WASDE Cotton Report- This month’s outlook for U.S. cotton in 2019/20 includes lower production and ending stocks compared with last month, while domestic mill use and exports are unchanged. Production is lowered 100,000 bales, mainly due to a decline in Texas which was partially offset in other States. Ending stocks are 100,000 bales lower this month at 5.4 million bales. The global 2019/20 cotton forecasts include lower production, trade, and ending stocks. Production is forecast 630,000 bales lower, and changes for 2019/20 this month, other than the United States, include decreases for Turkey, Australia, Mali, and Pakistan. World trade in 2019/20 is projected 550,000 bales lower, largely due to a 500,000-bale drop in China’s expected imports. Exports are 200,000 bales lower for India and Uzbekistan, and also lower for Australia and Mali. Global 2019/20 ending stocks are 730,000 bales lower this month. At 79.6 million bales, total ending stocks are projected about unchanged from 2018/19, but stocks outside of China are expected 3.0 million bales above the year before.
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