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Cotton stocks rise & prices decline

17
Dec '08
Although U.S. cotton demand was reduced further in December and stocks are projected higher than in November, cotton stocks at the end of 2008/09 are still expected to be well below those at the start of the season.

Currently, ending stocks are estimated at 7.1 million bales, nearly 3 million bales below 2007/08. With current supply and demand estimates, the implied stocks-to-use ratio of 43 percent for 2008/09 compares favorably with the 55 percent of 2007/08.

Despite lower supplies in 2008/09, U.S. farm prices are being influenced by a number of other factors, none more important than the apparent retrenchment in world cotton demand this season.

The forecast for the upland farm price was lowered in December to a range of 41-51 cents per pound, down 4 cents on each end of the range from November. This compares with a final 2007/08 farm price of 59.3 cents per pound.

United States Department of Agriculture


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