US cotton 2013-14 output forecast lowered to 12.87mn bales

With beginning stocks unchanged in April, this season’s cotton supply is now estimated at about 16.8 million bales, nearly 4 million bales below 2012/13 and the lowest in 30 years.

U.S. cotton demand estimates were unchanged in April. U.S. cotton exports remain forecast at 10.7 million bales, 2.3 million bales (18 percent) below the previous season. Despite this decline, the U.S. share of global trade is similar to a year ago estimated at 27 percent in 2013/14 versus about 28 percent in 2012/13.

U.S. cotton mill use is unchanged this month and is projected at 3.6 million bales, 3 percent above last season. Based on data from the Farm Service Agency, U.S. mill use had surpassed 2 million bales during the first 7 months of the marketing year.

USDA