COTTON SUPPLY, DEMAND, & TRADE There were few significant revisions to estimates in this months USDA report. The world production figure rose 237,000 bales, increasing from 119.4 million to 119.6 million. The global consumption figure rose 175,000 bales, increasing from 113.7 million to 113.9 million. A series of revisions to historical data for Burma resulted in higher estimates for production, consumption, and stocks going back to 2000/01. These changes contributed to a 165,000 bale increase to the global 2014/15 estimate for beginning stocks. With this months revisions to world production and consumption nearly equal, the addition to beginning stocks was a primary reason for the 249,000 bale increase (to 107.4 million bales) to the global 2014/15 ending stocks number this month. In terms of production, the only notable country-level revisions were for China (-500,000 bales, to 30.0 million), Australia (-100,000, to 2.2 million), Burkina Faso (+100,000, to 1.3 million), and the U.S. (+142,000, to 16.4 million). For mill-use, the only significant countrylevel revision was for China, where the forecast declined 500,000 bales(to 37.5 million). The only meaningful changes to trade figures were to the export projections for Australia (-200,000 bales, to 3.0 million) and Burkina Faso (+125,000 bales, to 1.1 million).
Posted on: Wed, 12 Nov 2014 10:57:00 +0000