COTTON SUPPLY AND DEMAND USDA, WASDE
COTTON SUPPLY AND DEMAND
2/8/2018
(Million 480-lb. Bales)
USDA, WASDE February 2018 vs. January 2018 World U.S. China 12-Jan
8-Feb
Change
12-Jan
8-Feb
Change
12-Jan
8-Feb
R.O.W. Change
12-Jan
8-Feb
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
95.350 95.338 106.558 106.566 37.621 37.601 239.529 239.505
-0.012 0.008 -0.020 -0.024
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
37.244 37.219 114.774 114.749 152.018 151.968 -0.124 -0.119
-0.025 -0.025 -0.050 0.005
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
22.266 74.024 96.290 0.184
22.241 73.999 96.240 0.179
-0.025 -0.025 -0.050 -0.005
Ending Stocks Stocks/Offtake Ratio
33.352 33.340 66.638 66.646 32.582 32.562 132.572 132.548
-0.012 0.008 -0.020 -0.024
87.635
87.656
0.021
2.750
2.750
0.000
48.419
48.419
0.000
36.466
36.487
0.021
76%
76%
0%
15%
15%
0%
129%
129%
0%
38%
38%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
87.635 87.656 120.967 121.372 38.369 38.229 246.971 247.257
0.021 0.405 -0.140 0.286
2.750 21.263 0.010 24.023
2.750 21.263 0.010 24.023
0.000 0.000 0.000 0.000
48.419 26.400 5.000 79.819
48.419 27.500 5.000 80.919
0.000 1.100 0.000 1.100
36.466 36.487 73.304 72.609 33.359 33.219 143.129 142.315
0.021 -0.695 -0.140 -0.814
Exports Domestic Use Total Use Loss
38.375 38.220 120.825 120.500 159.200 158.720 -0.022 -0.017
-0.155 -0.325 -0.480 0.005
14.800 3.350 18.150 0.173
14.500 3.350 17.850 0.173
-0.300 0.000 -0.300 0.000
0.050 40.000 40.050 0.000
0.050 40.000 40.050 0.000
0.000 0.000 0.000 0.000
23.525 23.670 77.475 77.150 101.000 100.820 0.195 0.190
0.145 -0.325 -0.180 -0.005
Ending Stocks Stocks/Offtake Ratio
87.793
88.554
0.761
5.700
6.000
0.300
39.769
40.869
1.100
42.324
41.685
-0.639
73%
73%
1%
31%
34%
2%
99%
102%
3%
42%
41%
-1%
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
2/8/2018
(Million 480-lb. Bales)
India 12-Jan
8-Feb
Brazil Change
12-Jan
8-Feb
Australia Change
12-Jan
8-Feb
Turkey Change
12-Jan
8-Feb
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 29.300 1.600 42.030
11.130 28.500 1.700 41.330
0.000 -0.800 0.100 -0.700
7.609 7.800 0.125 15.534
7.609 8.000 0.100 15.709
0.000 0.200 -0.025 0.175
2.393 4.600 0.000 6.993
2.393 4.400 0.000 6.793
0.000 -0.200 0.000 -0.200
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
4.200 24.500 28.700 0.000
-0.100 -0.250 -0.350 0.000
4.100 3.400 7.500 -0.150
4.200 3.400 7.600 -0.150
0.100 0.000 0.100 0.000
4.300 0.035 4.335 -0.150
4.400 0.035 4.435 -0.150
0.100 0.000 0.100 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
12.980
12.630
-0.350
8.184
8.259
0.075
2.808
2.508
-0.300
1.778
1.778
0.000
45%
44%
-1%
109%
109%
0%
65%
57%
-8%
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
2/8/2018
(Million 480-lb. Bales)
African Franc Zone 12-Jan
8-Feb
Change
Central Asia (FSU) 12-Jan
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 5.137 0.000 6.906
1.769 5.162 0.000 6.931
0.000 0.025 0.000 0.025
2.390 6.295 0.000 8.685
2.390 6.315 0.000 8.705
0.000 0.020 0.000 0.020
Exports Domestic Use Total Use Loss
4.360 0.125 4.485 0.000
4.185 0.125 4.310 0.000
-0.175 0.000 -0.175 0.000
2.485 3.222 5.707 0.000
2.745 3.202 5.947 0.000
0.260 -0.020 0.240 0.000
Ending Stocks Stocks/Offtake Ratio
2.421
2.621
0.200
2.978
2.758
-0.220
54%
61%
7%
52%
46%
-6%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
2/8/2018
(Million 480-lb. Bales)
USDA, WASDE February 2018 vs. January 2018 World U.S. China 12-Jan
8-Feb
Change
12-Jan
8-Feb
Change
12-Jan
8-Feb
R.O.W. Change
12-Jan
8-Feb
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
95.350 95.338 106.558 106.566 37.621 37.601 239.529 239.505
-0.012 0.008 -0.020 -0.024
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
37.244 37.219 114.774 114.749 152.018 151.968 -0.124 -0.119
-0.025 -0.025 -0.050 0.005
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
22.266 74.024 96.290 0.184
22.241 73.999 96.240 0.179
-0.025 -0.025 -0.050 -0.005
Ending Stocks Stocks/Offtake Ratio
33.352 33.340 66.638 66.646 32.582 32.562 132.572 132.548
-0.012 0.008 -0.020 -0.024
87.635
87.656
0.021
2.750
2.750
0.000
48.419
48.419
0.000
36.466
36.487
0.021
76%
76%
0%
15%
15%
0%
129%
129%
0%
38%
38%
0%
17/18 Projected Beginning Stocks Production Imports Total Supply
87.635 87.656 120.967 121.372 38.369 38.229 246.971 247.257
0.021 0.405 -0.140 0.286
2.750 21.263 0.010 24.023
2.750 21.263 0.010 24.023
0.000 0.000 0.000 0.000
48.419 26.400 5.000 79.819
48.419 27.500 5.000 80.919
0.000 1.100 0.000 1.100
36.466 36.487 73.304 72.609 33.359 33.219 143.129 142.315
0.021 -0.695 -0.140 -0.814
Exports Domestic Use Total Use Loss
38.375 38.220 120.825 120.500 159.200 158.720 -0.022 -0.017
-0.155 -0.325 -0.480 0.005
14.800 3.350 18.150 0.173
14.500 3.350 17.850 0.173
-0.300 0.000 -0.300 0.000
0.050 40.000 40.050 0.000
0.050 40.000 40.050 0.000
0.000 0.000 0.000 0.000
23.525 23.670 77.475 77.150 101.000 100.820 0.195 0.190
0.145 -0.325 -0.180 -0.005
Ending Stocks Stocks/Offtake Ratio
87.793
88.554
0.761
5.700
6.000
0.300
39.769
40.869
1.100
42.324
41.685
-0.639
73%
73%
1%
31%
34%
2%
99%
102%
3%
42%
41%
-1%
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
2/8/2018
(Million 480-lb. Bales)
India 12-Jan
8-Feb
Brazil Change
12-Jan
8-Feb
Australia Change
12-Jan
8-Feb
Turkey Change
12-Jan
8-Feb
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 29.300 1.600 42.030
11.130 28.500 1.700 41.330
0.000 -0.800 0.100 -0.700
7.609 7.800 0.125 15.534
7.609 8.000 0.100 15.709
0.000 0.200 -0.025 0.175
2.393 4.600 0.000 6.993
2.393 4.400 0.000 6.793
0.000 -0.200 0.000 -0.200
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
4.200 24.500 28.700 0.000
-0.100 -0.250 -0.350 0.000
4.100 3.400 7.500 -0.150
4.200 3.400 7.600 -0.150
0.100 0.000 0.100 0.000
4.300 0.035 4.335 -0.150
4.400 0.035 4.435 -0.150
0.100 0.000 0.100 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
12.980
12.630
-0.350
8.184
8.259
0.075
2.808
2.508
-0.300
1.778
1.778
0.000
45%
44%
-1%
109%
109%
0%
65%
57%
-8%
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
2/8/2018
(Million 480-lb. Bales)
African Franc Zone 12-Jan
8-Feb
Change
Central Asia (FSU) 12-Jan
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 5.137 0.000 6.906
1.769 5.162 0.000 6.931
0.000 0.025 0.000 0.025
2.390 6.295 0.000 8.685
2.390 6.315 0.000 8.705
0.000 0.020 0.000 0.020
Exports Domestic Use Total Use Loss
4.360 0.125 4.485 0.000
4.185 0.125 4.310 0.000
-0.175 0.000 -0.175 0.000
2.485 3.222 5.707 0.000
2.745 3.202 5.947 0.000
0.260 -0.020 0.240 0.000
Ending Stocks Stocks/Offtake Ratio
2.421
2.621
0.200
2.978
2.758
-0.220
54%
61%
7%
52%
46%
-6%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
