Too, the January domestic consumption report was released this week and indicated that US mills used cotton at an annualized rate of only 4.88 million bales. Most had expected the rate to be between 5.1 and 5.2 million bales.
The extent of the continued draw down in domestic mill activity was very evident as the January 2006 usage was 6.25 million bales. As commented in prior weekly newsletters, USDA will likely have to lower its estimate of 2006-07 domestic mill consumption another 200,000 to 300,000 bales.
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