In its July cotton report, USDA projects U.S. 2013-14 production to be 13.5 million bales.

Mill use is projected at 3.5 million bales, unchanged from last month, while exports are projected at 11 million bales, also unchanged from last month.

The estimated total offtake stands at 14.5 million bales. With beginning stocks of 3.9 million bales, this would result in U.S. ending stocks of 2.9 million bales on July 31, 2014, and a stocks-to-use ratio of 20 percent.

For the 2012-13 marketing year, USDA gauges U.S. cotton production at 17.32 million bales, unchanged from the previous month. Exports declined 300,000 bales from the previous month to 13.3 million bales, while mill use remained unchanged at 3.45 million bales.

The estimated total offtake now stands at 16.75 million bales, generating ending stocks of 3.9 million bales and a stocks-to-use ratio of 23.3 percent.

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USDA’s July report projects world production for the 2013-14 marketing year at 118.02 million bales, 860,000 bales more than the previous month.

Mill use is set at 109.79 million bales, 380,000 bales less than the previous month. With beginning stocks at 85.58 million bales, this would result in world stocks of 94.34 million bales on July 31, 2014, and a stocks-to-use ratio of 85.9 percent.

For the 2012-13 marketing year, world production was estimated to be 121.25 million bales, up 280,000 bales from the June report.

World mill use was lowered 720,000 bales to 107.38 million bales. Thus, world ending stocks are estimated to be 85.58 million bales with a stocks-to-use ratio of 79.7 percent.

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