For the 2020-21 marketing year, USDA gauged U.S. cotton production at 14.61 million bales, 90,000 bales less than the previous month. Mill use was unchanged from last month at 2.30 million bales while exports were raised 500,000 bales to 16.25 million.
With beginning stocks of 3.30 million bales, this would result in U.S. ending stocks of 3.10 million bales on July 31, 2022, and a stocks-to-use ratio of 18.0%.
In its May report, USDA projects U.S. 2021-22 cotton production to be 17.00 million bales. Mill use is projected at 2.50 million bales while exports are projected to be 14.70 million bales. The estimated total offtake stands at 17.20 million bales.