USDA November Production Report

In its November crop report, USDA estimated a 2017-18 U.S. crop of 21.38 million bales. Upland production was estimated at 20.65 million bales and ELS production at 727,000 bales. Harvested area was an estimated 11.41 million acres, implying a non-harvested area of roughly 1.21 million acres based on USDA’s revised acreage report. The resulting abandonment rate is roughly 9.62%. The national yield per harvested acre was estimated to be roughly 900 pounds, 61 pounds higher than the 5-year average. If realized, the cotton yield forecast will be the highest yield on record.