In its June report, USDA projects U.S. 2013-2014 cotton production to be 13.50 million bales, 500,000 bales less than the previous month.

Mill use is projected at 3.50 million bales, unchanged from the previous month.

Exports are projected at 11 million bales, 500,000 bales less than the previous month. The estimated total offtake stands at 14.50 million bales. With beginning stocks of 3.60 million bales, this would result in U.S. ending stocks of 2.60 million bales on July 31, 2014, and stocks-to-use ratio of 17.9 percent.

For the 2012-2013 marketing year, USDA gauged U.S. cotton production at 17.32 million bales, unchanged from the May report. Mill use was raised 50,000 bales from last month to 3.45 million bales, while exports increased 350,000 bales to 13.60 million bales.

The estimated total offtake now stands at 17.05 million bales, generating ending stocks of 3.60 million bales and a stocks-to-use ratio of 21.1 percent.

USDA’s June report projects world production for the 2013-2014 marketing year at 117.16 million bales, 660,000 bales less than the previous month.

Mill use is set at 110.17 million bales, 260,000 bales less than the previous month. With beginning stocks at 84.93 million bales, this would result in world ending stocks of 92.49 million bales on July 31, 2014, and a stocks-to-use ratio of 84.0 percent.

For the 2012-2013 marketing year, world production was estimated to be 120.97 million bales, up 20,000 bales from the May report. World mill use was lowered 50,000 bales to 108.10 million bales. Consequently, world ending stocks are estimated to be 84.93 million bales with a stocks-to-use ratio of 78.6 percent.

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