USDA’s recent report says, the US is expected to export 19.5 million bales of cotton in 2020. The country’s exports for the 2019 crop year remain at 15 million bales. The country has lowered its mill use for the 2019 crop year to 200,000 bales.
USDA also revised its mill use for 2020 crop year downward by 100,000 bales. The world demand (Use) for the 2019 crop year was revised down by 2.35 million bales to now only 102.65 million bales. As a result of this lowered use, carry-in stocks in 2020 will be higher than earlier projected.
Though cotton global consumption is expected to rebound, USDA lowered this increased by 2 million bales. The end stocks for the 2020 crop year are now projected to top 104 million bales—almost 5 million bales higher than for 2019 and the largest stocks since 2014 and second highest on record.
