Twas the night before Christmas, but there’s still a column                                                    

That’s due in the morning, whether cheery or solemn 

I don’t make the schedule, I just try to meet it

So, here is some outlook; I hope you can read it.   

The December WASDE showed tighter supplies 

In India, really that’s not a surprise.

Production was lowered in Pakistan, too, 

The Turks and the Aussies were lowered a few.

All of this tightening outweighed the Brazilians 

Whom USDA forecasts will add near a million

Of course, we are talking statistical bales

(The 480-pound standard prevails.)

Worldwide consumption was lowered as well

Are textiles in China just going to hell?

Is it low GDP or perhaps it’s the tariffs?

Their exports of clothing are slowing, so bear it.

In what I can then only call yield destruction

They took a big whack out of Texas production.

They’ve cut 1.5 million bales in two months.

The spring-summer-fall was a 1-2-3 punch.

So ending stocks here in the U.S have shrunk

From awfully bearish that totally stunk

To something just modestly bearish-to-neutral

Maybe prices next summer will rise – that’d be useful.

See, Spending packages clear congress;  House passes USMCA

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