COTTON SUPPLY AND DEMAND USDA, WASDE
COTTON SUPPLY AND DEMAND
3/15/2018
(Million 480-lb. Bales)
USDA, WASDE February 2018 vs. March 2018 World U.S. China 8-Mar
8-Feb
16/17 Estimated Beginning Stocks Production Imports Total Supply
95.321 95.338 106.795 106.566 37.601 37.601 239.717 239.505
Exports Mill Total Use Loss
37.329 37.219 114.809 114.749 152.138 151.968 -0.119 -0.119
Ending Stocks Stocks/Offtake Ratio
Change
8-Mar
8-Feb
-0.017 0.229 0.000 0.212
3.800 17.170 0.007 20.977
3.800 17.170 0.007 20.977
0.110 0.060 0.170 0.000
14.917 3.250 18.167 0.060
Change
R.O.W.
8-Mar
8-Feb
Change
8-Mar
8-Feb
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
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
22.351 74.059 96.410 0.179
22.241 73.999 96.240 0.179
0.110 0.060 0.170 0.000
33.323 33.340 66.875 66.646 32.562 32.562 132.760 132.548
Change -0.017 0.229 0.000 0.212
87.698
87.656
0.042
2.750
2.750
0.000
48.419
48.419
0.000
36.529
36.487
0.042
76%
76%
0%
15%
15%
0%
129%
129%
0%
38%
38%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
87.698 87.656 121.938 121.372 38.829 38.229 248.465 247.257
0.042 0.566 0.600 1.208
2.750 21.030 0.010 23.790
2.750 21.263 0.010 24.023
0.000 -0.233 0.000 -0.233
48.419 27.500 5.100 81.019
48.419 27.500 5.000 80.919
0.000 0.000 0.100 0.100
36.529 36.487 73.408 72.609 33.719 33.219 143.656 142.315
0.042 0.799 0.500 1.341
Exports Domestic Use Total Use Loss
38.830 38.220 120.790 120.500 159.620 158.720 0.000 -0.017
0.610 0.290 0.900 0.017
14.800 3.350 18.150 0.140
14.500 3.350 17.850 0.173
0.300 0.000 0.300 -0.033
0.050 40.000 40.050 0.000
0.050 40.000 40.050 0.000
0.000 0.000 0.000 0.000
23.980 23.670 77.440 77.150 101.420 100.820 0.140 0.190
0.310 0.290 0.600 -0.050
Ending Stocks Stocks/Offtake Ratio
88.845
88.554
0.291
5.500
6.000
-0.500
40.969
40.869
0.100
42.376
41.685
0.691
74%
73%
0%
30%
34%
3%
102%
102%
0%
42%
41%
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
3/15/2018
(Million 480-lb. Bales)
India 8-Mar
8-Feb
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
Exports Mill Total Use Loss
4.550 24.000 28.550 0.000
Ending Stocks Stocks/Offtake Ratio
Brazil Change
8-Mar
8-Feb
Turkey
8-Mar
8-Feb
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
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
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 28.500 1.700 41.330
11.130 28.500 1.700 41.330
0.000 0.000 0.000 0.000
7.609 8.000 0.100 15.709
7.609 8.000 0.100 15.709
0.000 0.000 0.000 0.000
2.393 4.700 0.000 7.093
2.393 4.400 0.000 6.793
0.000 0.300 0.000 0.300
1.578 4.000 3.800 9.378
1.578 4.000 3.500 9.078
0.000 0.000 0.300 0.300
Exports Domestic Use Total Use Loss
4.200 24.500 28.700 0.000
4.200 24.500 28.700 0.000
0.000 0.000 0.000 0.000
4.200 3.400 7.600 -0.150
4.200 3.400 7.600 -0.150
0.000 0.000 0.000 0.000
4.400 0.035 4.435 -0.150
4.400 0.035 4.435 -0.150
0.000 0.000 0.000 0.000
0.350 7.100 7.450 0.000
0.300 7.000 7.300 0.000
0.050 0.100 0.150 0.000
Ending Stocks Stocks/Offtake Ratio
12.630
12.630
0.000
8.259
8.259
0.000
2.808
2.508
0.300
1.928
1.778
0.150
44%
44%
0%
109%
109%
0%
63%
57%
-7%
26%
24%
-2%
Choice Cotton Company, Inc.
Change
Australia
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
Change
8-Mar
8-Feb
Change
COTTON SUPPLY AND DEMAND
3/15/2018
(Million 480-lb. Bales)
African Franc Zone 8-Mar
8-Feb
Change
Central Asia (FSU) 8-Mar
8-Feb
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
1.341 5.089 0.001 6.431
1.341 5.089 0.001 6.431
0.000 0.000 0.000 0.000
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
4.521 0.130 4.651 0.011
4.521 0.130 4.651 0.011
0.000 0.000 0.000 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
1.769
1.769
0.000
2.390
2.390
0.000
38%
38%
0%
42%
42%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
1.769 5.162 0.000 6.931
1.769 5.162 0.000 6.931
0.000 0.000 0.000 0.000
2.390 6.200 0.000 8.590
2.390 6.315 0.000 8.705
0.000 -0.115 0.000 -0.115
Exports Domestic Use Total Use Loss
4.185 0.125 4.310 0.000
4.185 0.125 4.310 0.000
0.000 0.000 0.000 0.000
2.680 3.202 5.882 0.000
2.745 3.202 5.947 0.000
-0.065 0.000 -0.065 0.000
Ending Stocks Stocks/Offtake Ratio
2.621
2.621
0.000
2.708
2.758
-0.050
61%
61%
0%
46%
46%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
3/15/2018
(Million 480-lb. Bales)
USDA, WASDE February 2018 vs. March 2018 World U.S. China 8-Mar
8-Feb
16/17 Estimated Beginning Stocks Production Imports Total Supply
95.321 95.338 106.795 106.566 37.601 37.601 239.717 239.505
Exports Mill Total Use Loss
37.329 37.219 114.809 114.749 152.138 151.968 -0.119 -0.119
Ending Stocks Stocks/Offtake Ratio
Change
8-Mar
8-Feb
-0.017 0.229 0.000 0.212
3.800 17.170 0.007 20.977
3.800 17.170 0.007 20.977
0.110 0.060 0.170 0.000
14.917 3.250 18.167 0.060
Change
R.O.W.
8-Mar
8-Feb
Change
8-Mar
8-Feb
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
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
22.351 74.059 96.410 0.179
22.241 73.999 96.240 0.179
0.110 0.060 0.170 0.000
33.323 33.340 66.875 66.646 32.562 32.562 132.760 132.548
Change -0.017 0.229 0.000 0.212
87.698
87.656
0.042
2.750
2.750
0.000
48.419
48.419
0.000
36.529
36.487
0.042
76%
76%
0%
15%
15%
0%
129%
129%
0%
38%
38%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
87.698 87.656 121.938 121.372 38.829 38.229 248.465 247.257
0.042 0.566 0.600 1.208
2.750 21.030 0.010 23.790
2.750 21.263 0.010 24.023
0.000 -0.233 0.000 -0.233
48.419 27.500 5.100 81.019
48.419 27.500 5.000 80.919
0.000 0.000 0.100 0.100
36.529 36.487 73.408 72.609 33.719 33.219 143.656 142.315
0.042 0.799 0.500 1.341
Exports Domestic Use Total Use Loss
38.830 38.220 120.790 120.500 159.620 158.720 0.000 -0.017
0.610 0.290 0.900 0.017
14.800 3.350 18.150 0.140
14.500 3.350 17.850 0.173
0.300 0.000 0.300 -0.033
0.050 40.000 40.050 0.000
0.050 40.000 40.050 0.000
0.000 0.000 0.000 0.000
23.980 23.670 77.440 77.150 101.420 100.820 0.140 0.190
0.310 0.290 0.600 -0.050
Ending Stocks Stocks/Offtake Ratio
88.845
88.554
0.291
5.500
6.000
-0.500
40.969
40.869
0.100
42.376
41.685
0.691
74%
73%
0%
30%
34%
3%
102%
102%
0%
42%
41%
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
3/15/2018
(Million 480-lb. Bales)
India 8-Mar
8-Feb
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
Exports Mill Total Use Loss
4.550 24.000 28.550 0.000
Ending Stocks Stocks/Offtake Ratio
Brazil Change
8-Mar
8-Feb
Turkey
8-Mar
8-Feb
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
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
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 28.500 1.700 41.330
11.130 28.500 1.700 41.330
0.000 0.000 0.000 0.000
7.609 8.000 0.100 15.709
7.609 8.000 0.100 15.709
0.000 0.000 0.000 0.000
2.393 4.700 0.000 7.093
2.393 4.400 0.000 6.793
0.000 0.300 0.000 0.300
1.578 4.000 3.800 9.378
1.578 4.000 3.500 9.078
0.000 0.000 0.300 0.300
Exports Domestic Use Total Use Loss
4.200 24.500 28.700 0.000
4.200 24.500 28.700 0.000
0.000 0.000 0.000 0.000
4.200 3.400 7.600 -0.150
4.200 3.400 7.600 -0.150
0.000 0.000 0.000 0.000
4.400 0.035 4.435 -0.150
4.400 0.035 4.435 -0.150
0.000 0.000 0.000 0.000
0.350 7.100 7.450 0.000
0.300 7.000 7.300 0.000
0.050 0.100 0.150 0.000
Ending Stocks Stocks/Offtake Ratio
12.630
12.630
0.000
8.259
8.259
0.000
2.808
2.508
0.300
1.928
1.778
0.150
44%
44%
0%
109%
109%
0%
63%
57%
-7%
26%
24%
-2%
Choice Cotton Company, Inc.
Change
Australia
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
Change
8-Mar
8-Feb
Change
COTTON SUPPLY AND DEMAND
3/15/2018
(Million 480-lb. Bales)
African Franc Zone 8-Mar
8-Feb
Change
Central Asia (FSU) 8-Mar
8-Feb
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
1.341 5.089 0.001 6.431
1.341 5.089 0.001 6.431
0.000 0.000 0.000 0.000
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
4.521 0.130 4.651 0.011
4.521 0.130 4.651 0.011
0.000 0.000 0.000 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
1.769
1.769
0.000
2.390
2.390
0.000
38%
38%
0%
42%
42%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
1.769 5.162 0.000 6.931
1.769 5.162 0.000 6.931
0.000 0.000 0.000 0.000
2.390 6.200 0.000 8.590
2.390 6.315 0.000 8.705
0.000 -0.115 0.000 -0.115
Exports Domestic Use Total Use Loss
4.185 0.125 4.310 0.000
4.185 0.125 4.310 0.000
0.000 0.000 0.000 0.000
2.680 3.202 5.882 0.000
2.745 3.202 5.947 0.000
-0.065 0.000 -0.065 0.000
Ending Stocks Stocks/Offtake Ratio
2.621
2.621
0.000
2.708
2.758
-0.050
61%
61%
0%
46%
46%
0%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
