ABSTRACT
Despite the second largest U.S. cotton production since 1953, stocks this season are forecast to reach only 4.4 million bales or an implied stocks-to-use ratio of 28 percent. However, large foreign supplies combined with lethargic foreign mill demand has pressured world and U.S. cotton prices. While U.S. cotton exports are forecast at their lowest level in several years, domestic consumption is expected to reach the highest level since 1950. Larger U.S. cotton production and consumption and a rebound in exports are projected for the 1993/94 marketing year.
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