COTTON SUPPLY AND DEMAND USDA, WASDE January 2018 vs
COTTON SUPPLY AND DEMAND
1/12/2018
(Million 480-lb. Bales)
USDA, WASDE January 2018 vs. December 2017 World U.S. China 12-Dec
12-Jan
Change
12-Dec
12-Jan
Change
12-Dec
12-Jan
R.O.W. Change
12-Dec
12-Jan
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
95.355 95.350 106.558 106.558 37.621 37.621 239.534 239.529
-0.005 0.000 0.000 -0.005
3.800 17.170 0.007 20.977
3.800 17.170 0.007 20.977
0.000 0.000 0.000 0.000
58.198 22.750 5.032 85.980
58.198 22.750 5.032 85.980
0.000 0.000 0.000 0.000
Exports Mill Total Use Loss
37.234 37.244 114.774 114.774 152.008 152.018 -0.124 -0.124
0.010 0.000 0.010 0.000
14.917 3.250 18.167 0.060
14.917 3.250 18.167 0.060
0.000 0.000 0.000 0.000
0.061 37.500 37.561 0.000
0.061 37.500 37.561 0.000
0.000 0.000 0.000 0.000
22.256 74.024 96.280 0.184
22.266 74.024 96.290 0.184
0.010 0.000 0.010 0.000
Ending Stocks Stocks/Offtake Ratio
33.357 33.352 66.638 66.638 32.582 32.582 132.577 132.572
-0.005 0.000 0.000 -0.005
87.650
87.635
-0.015
2.750
2.750
0.000
48.419
48.419
0.000
36.481
36.466
-0.015
76%
76%
0%
15%
15%
0%
129%
129%
0%
38%
38%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
87.650 87.635 119.958 120.967 38.484 38.369 246.092 246.971
-0.015 1.009 -0.115 0.879
2.750 21.440 0.010 24.200
2.750 21.263 0.010 24.023
0.000 -0.177 0.000 -0.177
48.419 25.000 5.300 78.719
48.419 26.400 5.000 79.819
0.000 1.400 -0.300 1.100
36.481 36.466 73.518 73.304 33.174 33.359 143.173 143.129
-0.015 -0.214 0.185 -0.044
Exports Domestic Use Total Use Loss
38.455 38.375 119.585 120.825 158.040 159.200 0.055 -0.022
-0.080 1.240 1.160 -0.077
14.800 3.350 18.150 0.250
14.800 3.350 18.150 0.173
0.000 0.000 0.000 -0.077
0.050 39.000 39.050 0.000
0.050 40.000 40.050 0.000
0.000 1.000 1.000 0.000
23.605 23.525 77.235 77.475 100.840 101.000 0.195 0.195
-0.080 0.240 0.160 0.000
Ending Stocks Stocks/Offtake Ratio
87.997
87.793
-0.204
5.800
5.700
-0.100
39.669
39.769
0.100
42.528
42.324
-0.204
74%
73%
-1%
32%
31%
-1%
102%
99%
-2%
42%
42%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
COTTON SUPPLY AND DEMAND
1/12/2018
(Million 480-lb. Bales)
India 12-Dec
12-Jan
Brazil Change
12-Dec
12-Jan
Australia Change
12-Dec
12-Jan
Turkey Change
12-Dec
12-Jan
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
9.944 27.000 2.736 39.680
9.944 27.000 2.736 39.680
0.000 0.000 0.000 0.000
6.259 7.000 0.189 13.448
6.259 7.000 0.189 13.448
0.000 0.000 0.000 0.000
1.955 4.050 0.000 6.005
1.955 4.050 0.000 6.005
0.000 0.000 0.000 0.000
1.533 3.200 3.679 8.412
1.533 3.200 3.679 8.412
0.000 0.000 0.000 0.000
Exports Mill Total Use Loss
4.550 24.000 28.550 0.000
4.550 24.000 28.550 0.000
0.000 0.000 0.000 0.000
2.789 3.200 5.989 -0.150
2.789 3.200 5.989 -0.150
0.000 0.000 0.000 0.000
3.727 0.035 3.762 -0.150
3.727 0.035 3.762 -0.150
0.000 0.000 0.000 0.000
0.334 6.500 6.834 0.000
0.334 6.500 6.834 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
11.130
11.130
0.000
7.609
7.609
0.000
2.393
2.393
0.000
1.578
1.578
0.000
39%
39%
0%
127%
127%
0%
64%
64%
0%
23%
23%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
11.130 29.500 1.600 42.230
11.130 29.300 1.600 42.030
0.000 -0.200 0.000 -0.200
7.609 7.800 0.125 15.534
7.609 7.800 0.125 15.534
0.000 0.000 0.000 0.000
2.393 4.700 0.000 7.093
2.393 4.600 0.000 6.993
0.000 -0.100 0.000 -0.100
1.578 4.000 3.500 9.078
1.578 4.000 3.500 9.078
0.000 0.000 0.000 0.000
Exports Domestic Use Total Use Loss
4.300 24.750 29.050 0.000
4.300 24.750 29.050 0.000
0.000 0.000 0.000 0.000
4.000 3.400 7.400 -0.150
4.100 3.400 7.500 -0.150
0.100 0.000 0.100 0.000
4.300 0.035 4.335 -0.150
4.300 0.035 4.335 -0.150
0.000 0.000 0.000 0.000
0.300 7.000 7.300 0.000
0.300 7.000 7.300 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
13.180
12.980
-0.200
8.284
8.184
-0.100
2.908
2.808
-0.100
1.778
1.778
0.000
45%
45%
-1%
112%
109%
-3%
67%
65%
-2%
24%
24%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
COTTON SUPPLY AND DEMAND
1/12/2018
(Million 480-lb. Bales)
African Franc Zone 12-Dec
12-Jan
Change
Central Asia (FSU) 12-Dec
12-Jan
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
1.346 5.089 0.001 6.436
1.341 5.089 0.001 6.431
-0.005 0.000 0.000 -0.005
2.089 5.985 0.000 8.074
2.089 5.985 0.000 8.074
0.000 0.000 0.000 0.000
Exports Mill Total Use Loss
4.511 0.130 4.641 0.011
4.521 0.130 4.651 0.011
0.010 0.000 0.010 0.000
2.790 2.894 5.684 0.000
2.790 2.894 5.684 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
1.784
1.769
-0.015
2.390
2.390
0.000
38%
38%
0%
42%
42%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
1.784 5.097 0.000 6.881
1.769 5.137 0.000 6.906
-0.015 0.040 0.000 0.025
2.390 6.295 0.000 8.685
2.390 6.295 0.000 8.685
0.000 0.000 0.000 0.000
Exports Domestic Use Total Use Loss
4.460 0.125 4.585 0.000
4.360 0.125 4.485 0.000
-0.100 0.000 -0.100 0.000
2.485 3.222 5.707 0.000
2.485 3.222 5.707 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
2.296
2.421
0.125
2.978
2.978
0.000
50%
54%
4%
52%
52%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
1/12/2018
(Million 480-lb. Bales)
USDA, WASDE January 2018 vs. December 2017 World U.S. China 12-Dec
12-Jan
Change
12-Dec
12-Jan
Change
12-Dec
12-Jan
R.O.W. Change
12-Dec
12-Jan
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
95.355 95.350 106.558 106.558 37.621 37.621 239.534 239.529
-0.005 0.000 0.000 -0.005
3.800 17.170 0.007 20.977
3.800 17.170 0.007 20.977
0.000 0.000 0.000 0.000
58.198 22.750 5.032 85.980
58.198 22.750 5.032 85.980
0.000 0.000 0.000 0.000
Exports Mill Total Use Loss
37.234 37.244 114.774 114.774 152.008 152.018 -0.124 -0.124
0.010 0.000 0.010 0.000
14.917 3.250 18.167 0.060
14.917 3.250 18.167 0.060
0.000 0.000 0.000 0.000
0.061 37.500 37.561 0.000
0.061 37.500 37.561 0.000
0.000 0.000 0.000 0.000
22.256 74.024 96.280 0.184
22.266 74.024 96.290 0.184
0.010 0.000 0.010 0.000
Ending Stocks Stocks/Offtake Ratio
33.357 33.352 66.638 66.638 32.582 32.582 132.577 132.572
-0.005 0.000 0.000 -0.005
87.650
87.635
-0.015
2.750
2.750
0.000
48.419
48.419
0.000
36.481
36.466
-0.015
76%
76%
0%
15%
15%
0%
129%
129%
0%
38%
38%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
87.650 87.635 119.958 120.967 38.484 38.369 246.092 246.971
-0.015 1.009 -0.115 0.879
2.750 21.440 0.010 24.200
2.750 21.263 0.010 24.023
0.000 -0.177 0.000 -0.177
48.419 25.000 5.300 78.719
48.419 26.400 5.000 79.819
0.000 1.400 -0.300 1.100
36.481 36.466 73.518 73.304 33.174 33.359 143.173 143.129
-0.015 -0.214 0.185 -0.044
Exports Domestic Use Total Use Loss
38.455 38.375 119.585 120.825 158.040 159.200 0.055 -0.022
-0.080 1.240 1.160 -0.077
14.800 3.350 18.150 0.250
14.800 3.350 18.150 0.173
0.000 0.000 0.000 -0.077
0.050 39.000 39.050 0.000
0.050 40.000 40.050 0.000
0.000 1.000 1.000 0.000
23.605 23.525 77.235 77.475 100.840 101.000 0.195 0.195
-0.080 0.240 0.160 0.000
Ending Stocks Stocks/Offtake Ratio
87.997
87.793
-0.204
5.800
5.700
-0.100
39.669
39.769
0.100
42.528
42.324
-0.204
74%
73%
-1%
32%
31%
-1%
102%
99%
-2%
42%
42%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
COTTON SUPPLY AND DEMAND
1/12/2018
(Million 480-lb. Bales)
India 12-Dec
12-Jan
Brazil Change
12-Dec
12-Jan
Australia Change
12-Dec
12-Jan
Turkey Change
12-Dec
12-Jan
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
9.944 27.000 2.736 39.680
9.944 27.000 2.736 39.680
0.000 0.000 0.000 0.000
6.259 7.000 0.189 13.448
6.259 7.000 0.189 13.448
0.000 0.000 0.000 0.000
1.955 4.050 0.000 6.005
1.955 4.050 0.000 6.005
0.000 0.000 0.000 0.000
1.533 3.200 3.679 8.412
1.533 3.200 3.679 8.412
0.000 0.000 0.000 0.000
Exports Mill Total Use Loss
4.550 24.000 28.550 0.000
4.550 24.000 28.550 0.000
0.000 0.000 0.000 0.000
2.789 3.200 5.989 -0.150
2.789 3.200 5.989 -0.150
0.000 0.000 0.000 0.000
3.727 0.035 3.762 -0.150
3.727 0.035 3.762 -0.150
0.000 0.000 0.000 0.000
0.334 6.500 6.834 0.000
0.334 6.500 6.834 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
11.130
11.130
0.000
7.609
7.609
0.000
2.393
2.393
0.000
1.578
1.578
0.000
39%
39%
0%
127%
127%
0%
64%
64%
0%
23%
23%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
11.130 29.500 1.600 42.230
11.130 29.300 1.600 42.030
0.000 -0.200 0.000 -0.200
7.609 7.800 0.125 15.534
7.609 7.800 0.125 15.534
0.000 0.000 0.000 0.000
2.393 4.700 0.000 7.093
2.393 4.600 0.000 6.993
0.000 -0.100 0.000 -0.100
1.578 4.000 3.500 9.078
1.578 4.000 3.500 9.078
0.000 0.000 0.000 0.000
Exports Domestic Use Total Use Loss
4.300 24.750 29.050 0.000
4.300 24.750 29.050 0.000
0.000 0.000 0.000 0.000
4.000 3.400 7.400 -0.150
4.100 3.400 7.500 -0.150
0.100 0.000 0.100 0.000
4.300 0.035 4.335 -0.150
4.300 0.035 4.335 -0.150
0.000 0.000 0.000 0.000
0.300 7.000 7.300 0.000
0.300 7.000 7.300 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
13.180
12.980
-0.200
8.284
8.184
-0.100
2.908
2.808
-0.100
1.778
1.778
0.000
45%
45%
-1%
112%
109%
-3%
67%
65%
-2%
24%
24%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
COTTON SUPPLY AND DEMAND
1/12/2018
(Million 480-lb. Bales)
African Franc Zone 12-Dec
12-Jan
Change
Central Asia (FSU) 12-Dec
12-Jan
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
1.346 5.089 0.001 6.436
1.341 5.089 0.001 6.431
-0.005 0.000 0.000 -0.005
2.089 5.985 0.000 8.074
2.089 5.985 0.000 8.074
0.000 0.000 0.000 0.000
Exports Mill Total Use Loss
4.511 0.130 4.641 0.011
4.521 0.130 4.651 0.011
0.010 0.000 0.010 0.000
2.790 2.894 5.684 0.000
2.790 2.894 5.684 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
1.784
1.769
-0.015
2.390
2.390
0.000
38%
38%
0%
42%
42%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
1.784 5.097 0.000 6.881
1.769 5.137 0.000 6.906
-0.015 0.040 0.000 0.025
2.390 6.295 0.000 8.685
2.390 6.295 0.000 8.685
0.000 0.000 0.000 0.000
Exports Domestic Use Total Use Loss
4.460 0.125 4.585 0.000
4.360 0.125 4.485 0.000
-0.100 0.000 -0.100 0.000
2.485 3.222 5.707 0.000
2.485 3.222 5.707 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
2.296
2.421
0.125
2.978
2.978
0.000
50%
54%
4%
52%
52%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
