Cotton Supply and Demand: NCC

Estimates from the World Agricultural Outlook Board of USDA

MY 2011-12

Million 480-Lb. Bales
Month	Beginning Stocks	Production	Imports	Mill Use	Exports	Ending Stocks	S-U-R Ratio
World
May	42.52	124.72	39.86	119.50	39.87	47.93	40.1%
June	43.24	123.77	39.41	118.95	39.42	48.25	40.6%
July	44.40	123.16	38.29	116.75	38.29	51.00	43.7%
August	44.99	122.71	37.58	115.18	37.59	52.66	45.7%
September	43.97	122.96	37.31	115.22	37.30	51.91	45.1%
October	44.87	124.19	36.53	114.38	36.51	54.83	47.9%
November	45.22	123.89	36.31	114.27	36.33	54.96	48.1%
December	45.49	123.42	36.55	111.34	36.57	57.67	51.8%
January	45.35	122.84	36.51	109.99	36.52	58.35	53.1%
February	46.99	123.34	37.42	109.71	37.42	60.77	55.4%
United States
May	1.75	18.00	0.01	3.80	13.50	2.50	14.5%
June	2.25	17.00	0.01	3.80	13.00	2.50	14.9%
July	2.75	16.00	0.01	3.80	12.00	3.00	19.0%
August	2.85	16.55	0.01	3.80	12.30	3.30	20.5%
September	2.60	16.56	0.01	3.80	12.0	3.40	21.5%
October	2.60	16.61	0.01	3.80	11.50	3.90	25.5%
November	2.60	16.30	0.01	3.80	11.30	3.80	25.2%
December	2.60	15.83	0.01	3.60	11.30	3.50	23.5%
January	2.60	15.67	0.01	3.60	11.00	3.70	25.3%
February	2.60	15.67	0.01	3.50	11.00	3.80	26.2%
Total Foreign
May	40.77	106.72	39.86	115.70	26.37	45.43	32.0%
June	40.99	106.77	39.41	115.15	26.42	45.75	32.3%
July	41.65	107.16	38.28	112.95	26.29	48.00	34.5%
August	42.14	106.16	37.58	111.38	25.29	49.36	36.1%
September	41.37	106.41	37.30	111.42	25.30	48.51	35.5%
October	42.27	107.58	36.52	110.58	25.01	50.93	37.6%
November	42.62	107.59	36.30	110.47	25.03	51.16	37.8%
December	42.89	107.59	36.54	107.74	25.27	54.17	40.7%
January	42.75	107.16	36.50	106.39	25.52	54.65	41.4%
February	44.39	107.67	37.41	106.21	26.42	56.97	43.0%
China
May	12.17	33.00	16.00	48.00	0.05	13.12	27.3%
June	11.67	33.00	16.00	47.50	0.05	13.12	27.6%
July	11.62	33.00	15.25	46.50	0.05	13.32	28.6%
August	11.62	33.00	15.00	46.00	0.05	13.57	29.5%
September	11.60	34.00	14.50	46.00	0.05	14.05	30.5%
October	11.60	33.50	14.00	45.50	0.05	13.55	29.7%
November	11.60	33.50	14.00	45.50	0.05	13.55	29.7%
December	11.60	33.50	15.50	45.00	0.05	15.55	34.5%
January	11.60	33.50	16.00	44.00	0.05	17.05	38.7%
February	11.60	33.50	17.00	44.00	0.05	18.05	41.0%

Historical Data

Million 480-Lb. Bales
Marketing Year	Beginning Stocks	Production	Imports	Mill Use	Exports	Ending Stocks	S-U-R Ratio
World
10/11	45.29	116.46	35.69	114.64	35.75	46.99	41.0%
09/10	60.81	102.59	36.35	119.01	35.59	45.29	38.1%
08/09	60.97	107.47	30.48	110.32	30.40	60.81	55.1%
07/08	62.48	119.70	39.32	123.63	39.05	60.97	49.3%
06/07	61.76	122.25	38.15	123.91	37.57	62.48	50.4%
05/06	60.57	116.41	44.67	116.79	44.85	61.76	52.9%
04/05	48.15	121.50	33.84	109.08	35.01	60.57	55.5%
03/04	47.65	96.79	34.11	98.07	33.21	48.15	49.1%
02/03	54.55	90.99	30.19	98.39	30.46	47.65	48.4%
01/02	49.42	98.69	29.30	94.44	29.14	54.55	57.8%
00/01	51.13	89.12	26.23	92.16	26.23	49.42	53.6%
99/00	52.84	87.96	27.98	91.08	27.18	51.13	56.1%
98/99	49.46	86.10	24.48	84.76	23.55	52.84	62.3%
97/98	44.61	92.41	25.93	87.27	26.81	49.46	56.7%
96/97	40.11	90.09	28.58	87.94	26.81	44.61	50.7%
95/96	31.99	93.95	27.00	85.94	27.44	40.11	46.7%
United States
10/11	2.95	18.10	0.01	3.90	14.38	2.60	14.2%
09/10	6.34	12.19	0.00	3.55	12.04	2.95	18.9%
08/09	10.05	12.82	0.00	3.54	13.26	6.34	37.7%
07/08	9.48	19.21	0.01	4.58	13.63	10.05	55.2%
06/07	6.07	21.59	0.02	4.94	12.96	9.48	53.0%
05/06	5.50	23.89	0.03	5.87	17.67	6.07	25.8%
04/05	3.45	23.25	0.03	6.69	14.44	5.50	26.0%
03/04	5.39	18.26	0.05	6.27	13.76	3.45	17.2%
02/03	7.45	17.21	0.07	7.27	11.90	5.39	28.1%
01/02	6.00	20.30	0.02	7.70	11.00	7.45	39.8%
00/01	3.92	17.19	0.02	8.86	6.74	6.00	38.5%
99/00	3.94	16.97	0.10	10.19	6.75	3.92	23.1%
98/99	3.89	13.92	0.44	10.40	4.30	3.94	26.8%
97/98	3.97	18.79	0.01	11.35	7.50	3.89	20.6%
96/97	2.61	18.94	0.40	11.13	6.87	3.97	22.1%
95/96	2.65	17.90	0.41	10.65	7.68	2.61	14.2%
Total Foreign
10/11	42.34	98.35	35.68	110.74	21.37	44.39	33.6%
09/10	54.47	90.40	36.35	115.46	23.56	42.34	30.5%
08/09	50.92	94.66	30.48	106.78	17.14	54.47	44.0%
07/08	53.00	100.49	39.31	119.04	25.42	50.92	35.3%
06/07	55.69	100.66	38.13	118.98	24.61	53.00	36.9%
05/06	55.08	92.52	44.64	110.92	27.18	55.69	40.3%
04/05	44.70	98.25	33.81	102.39	20.57	55.08	44.8%
03/04	42.27	78.54	34.07	91.81	19.46	44.70	40.2%
02/03	47.10	73.78	30.12	91.12	18.56	42.27	38.5%
01/02	43.42	78.39	29.28	86.75	18.14	47.10	44.9%
00/01	47.21	71.93	26.21	83.30	19.49	43.42	42.2%
99/00	48.90	71.00	27.88	80.89	20.43	47.21	46.6%
98/99	45.57	72.18	24.04	74.36	19.25	48.90	52.2%
97/98	40.64	73.62	25.92	75.92	19.31	45.57	47.9%
96/97	37.50	71.15	28.17	76.81	19.95	40.64	42.0%
95/96	29.34	76.05	26.59	75.29	19.76	37.50	39.4%
China
10/11	15.25	30.50	11.98	46.00	0.12	11.60	25.2%
09/10	22.37	32.00	10.90	50.00	0.02	15.25	30.5%
08/09	20.50	36.70	7.00	44.00	0.08	22.37	50.7%
07/08	20.54	37.00	11.53	51.00	0.06	20.50	40.2%
06/07	22.54	35.50	10.59	50.00	0.09	20.54	41.0%
05/06	18.39	28.40	19.28	45.00	0.04	22.54	50.0%
04/05	18.98	30.30	6.39	38.50	0.03	18.39	47.7%
03/04	17.47	23.80	8.83	32.00	0.17	18.98	59.0%
02/03	18.85	25.20	3.13	29.90	0.75	17.47	57.0%
01/02	19.74	24.40	0.45	26.25	0.34	18.85	70.9%
00/01	22.38	20.30	0.23	23.50	0.44	19.74	82.5%
99/00	26.93	17.60	0.12	21.30	1.69	22.38	97.3%
98/99	24.55	20.70	0.33	18.70	0.68	26.93	139.0%
97/98	20.20	21.10	1.73	19.15	0.03	24.55	128.0%
96/97	16.74	19.30	3.49	19.95	0.01	20.20	101.2%
95/96	10.78	21.90	2.91	19.40	0.02	16.74	86.2%