USDA has released the Domestic and Global Cotton Supply and Demand Outlook for the month of March. World Agricultural Outlook Board Chair Mark Jekanowski explains, “Overall, pretty small changes in cotton both globally and domestically this month. We raised our production forecast for Brazil by 800,000 bales. That’s mainly based on data reported within the country. On the other hand, we lowered Argentina’s production forecast by about 100,000 bales based on information reported by the Ministry of Agriculture in Argentina.”
“We raised our China cotton production forecast this month by 500,000 bales. That crop continues to get bigger, basing this on classings data, so an assessment of cotton as it’s being delivered and going through the classings process. Regarding the global cotton balance sheet global consumption, we lowered this month by 100,000 bales,” said Jekanowski.
“A few offsets there. Cotton ending stocks forecast this month, we raised 1.3 million bales and that reflects higher stocks in India and Brazil. U.S. balance sheet, no changes this month. Season average market price forecast remains at 60 cents per pound,” said Jekanowski.
Audio Reporting by Dale Sandlin for Southeast AgNet.