USDA released its August supply and demand report for U.S. cotton last week. While USDA did increase its estimate of 2016 US production and carryover, it also reported higher world consumption and lower world carryover. The August report left U.S. 2016/17 mill use and exports unchanged from the previous month at 3.6 million bales and 11.5 million bales, respectively. With beginning stocks of 3.9 million bales, this would result in U.S. ending stocks of 4.7 million bales on July 31, 2017, and a stocks-to-use ratio of 31%. Dr. Jody Campiche, Vice President of Economics and Policy Analysis for the National Cotton Council, joins us to further explain the numbers.