WASHINGTON, DC – USDA lowered their production estimates for the U.S. cotton crop last week by one million bales from the August projection. With a 17.1 million bale crop, mill use is expected to increase 16 percent this year. Increasing global competition, however, will pressure exports at a time when domestic producers need to see price increases. According to USDA projections, that will not happen. The season average price for upland cotton is forecast at 59 cents per pound and despite increasing world trade, ending stocks are expected to increase 4.4 million bales over the same time last year.
(SOURCE: All Ag News)