COTTON SUPPLY AND DEMAND USDA, WASDE
COTTON SUPPLY AND DEMAND
4/19/2018
(Million 480-lb. Bales)
World 10-Apr
8-Mar
USDA, WASDE March 2018 vs. April 2018 U.S. China Change
10-Apr
8-Mar
Change
10-Apr
8-Mar
R.O.W. Change
10-Apr
8-Mar
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
94.911 95.321 106.755 106.795 37.601 37.601 239.267 239.717
-0.410 -0.040 0.000 -0.450
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
37.529 37.329 114.784 114.809 152.313 152.138 0.156 -0.119
0.200 -0.025 0.175 0.275
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
22.551 74.034 96.585 -0.096
22.351 74.059 96.410 0.179
0.200 -0.025 0.175 -0.275
Ending Stocks Stocks/Offtake Ratio
32.913 33.323 66.835 66.875 32.562 32.562 132.310 132.760
-0.410 -0.040 0.000 -0.450
86.798
87.698
-0.900
2.750
2.750
0.000
48.419
48.419
0.000
35.629
36.529
-0.900
76%
76%
1%
15%
15%
0%
129%
129%
0%
37%
38%
1%
17/18 Projected Beginning Stocks Production Imports Total Supply
86.798 87.698 122.183 121.938 39.054 38.829 248.035 248.465
-0.900 0.245 0.225 -0.430
2.750 21.030 0.010 23.790
2.750 21.030 0.010 23.790
0.000 0.000 0.000 0.000
48.419 27.500 5.100 81.019
48.419 27.500 5.100 81.019
0.000 0.000 0.000 0.000
35.629 36.529 73.653 73.408 33.944 33.719 143.226 143.656
-0.900 0.245 0.225 -0.430
Exports Domestic Use Total Use Loss
39.060 38.830 120.385 120.790 159.445 159.620 0.300 0.000
0.230 -0.405 -0.175 0.300
15.000 3.350 18.350 0.140
14.800 3.350 18.150 0.140
0.200 0.000 0.200 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
24.010 23.980 77.035 77.440 101.045 101.420 -0.160 0.140
0.030 -0.405 -0.375 -0.300
Ending Stocks Stocks/Offtake Ratio
88.290
88.845
-0.555
5.300
5.500
-0.200
40.969
40.969
0.000
42.021
42.376
-0.355
73%
74%
0%
29%
30%
1%
102%
102%
0%
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
4/19/2018
(Million 480-lb. Bales)
India 10-Apr
8-Mar
Brazil Change
10-Apr
8-Mar
Australia Change
10-Apr
8-Mar
Turkey Change
10-Apr
8-Mar
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
5.659 7.000 0.189 12.848
6.259 7.000 0.189 13.448
-0.600 0.000 0.000 -0.600
1.880 4.050 0.000 5.930
1.955 4.050 0.000 6.005
-0.075 0.000 0.000 -0.075
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 0.000
2.789 3.200 5.989 -0.150
0.000 0.000 0.000 0.150
3.727 0.035 3.762 -0.025
3.727 0.035 3.762 -0.150
0.000 0.000 0.000 0.125
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
6.859
7.609
-0.750
2.193
2.393
-0.200
1.578
1.578
0.000
39%
39%
0%
115%
127%
13%
58%
64%
5%
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
6.859 8.700 0.050 15.609
7.609 8.000 0.100 15.709
-0.750 0.700 -0.050 -0.100
2.193 4.700 0.000 6.893
2.393 4.700 0.000 7.093
-0.200 0.000 0.000 -0.200
1.578 4.000 3.800 9.378
1.578 4.000 3.800 9.378
0.000 0.000 0.000 0.000
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 0.000
4.200 3.400 7.600 -0.150
0.000 0.000 0.000 0.150
4.200 0.035 4.235 0.000
4.400 0.035 4.435 -0.150
-0.200 0.000 -0.200 0.150
0.350 7.100 7.450 0.000
0.350 7.100 7.450 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
12.630
12.630
0.000
8.009
8.259
-0.250
2.658
2.808
-0.150
1.928
1.928
0.000
44%
44%
0%
105%
109%
3%
63%
63%
1%
26%
26%
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
4/19/2018
(Million 480-lb. Bales)
African Franc Zone 10-Apr
8-Mar
Change
Central Asia (FSU) 10-Apr
8-Mar
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
2.339 5.985 0.000 8.324
2.089 5.985 0.000 8.074
0.250 0.000 0.000 0.250
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
2.990 2.894 5.884 0.000
2.790 2.894 5.684 0.000
0.200 0.000 0.200 0.000
Ending Stocks Stocks/Offtake Ratio
1.769
1.769
0.000
2.440
2.390
0.050
38%
38%
0%
41%
42%
1%
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
2.440 6.200 0.000 8.640
2.390 6.200 0.000 8.590
0.050 0.000 0.000 0.050
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
2.760 3.202 5.962 0.000
2.680 3.202 5.882 0.000
0.080 0.000 0.080 0.000
Ending Stocks Stocks/Offtake Ratio
2.621
2.621
0.000
2.678
2.708
-0.030
61%
61%
0%
45%
46%
1%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
4/19/2018
(Million 480-lb. Bales)
World 10-Apr
8-Mar
USDA, WASDE March 2018 vs. April 2018 U.S. China Change
10-Apr
8-Mar
Change
10-Apr
8-Mar
R.O.W. Change
10-Apr
8-Mar
Change
16/17 Estimated Beginning Stocks Production Imports Total Supply
94.911 95.321 106.755 106.795 37.601 37.601 239.267 239.717
-0.410 -0.040 0.000 -0.450
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
37.529 37.329 114.784 114.809 152.313 152.138 0.156 -0.119
0.200 -0.025 0.175 0.275
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
22.551 74.034 96.585 -0.096
22.351 74.059 96.410 0.179
0.200 -0.025 0.175 -0.275
Ending Stocks Stocks/Offtake Ratio
32.913 33.323 66.835 66.875 32.562 32.562 132.310 132.760
-0.410 -0.040 0.000 -0.450
86.798
87.698
-0.900
2.750
2.750
0.000
48.419
48.419
0.000
35.629
36.529
-0.900
76%
76%
1%
15%
15%
0%
129%
129%
0%
37%
38%
1%
17/18 Projected Beginning Stocks Production Imports Total Supply
86.798 87.698 122.183 121.938 39.054 38.829 248.035 248.465
-0.900 0.245 0.225 -0.430
2.750 21.030 0.010 23.790
2.750 21.030 0.010 23.790
0.000 0.000 0.000 0.000
48.419 27.500 5.100 81.019
48.419 27.500 5.100 81.019
0.000 0.000 0.000 0.000
35.629 36.529 73.653 73.408 33.944 33.719 143.226 143.656
-0.900 0.245 0.225 -0.430
Exports Domestic Use Total Use Loss
39.060 38.830 120.385 120.790 159.445 159.620 0.300 0.000
0.230 -0.405 -0.175 0.300
15.000 3.350 18.350 0.140
14.800 3.350 18.150 0.140
0.200 0.000 0.200 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
24.010 23.980 77.035 77.440 101.045 101.420 -0.160 0.140
0.030 -0.405 -0.375 -0.300
Ending Stocks Stocks/Offtake Ratio
88.290
88.845
-0.555
5.300
5.500
-0.200
40.969
40.969
0.000
42.021
42.376
-0.355
73%
74%
0%
29%
30%
1%
102%
102%
0%
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
4/19/2018
(Million 480-lb. Bales)
India 10-Apr
8-Mar
Brazil Change
10-Apr
8-Mar
Australia Change
10-Apr
8-Mar
Turkey Change
10-Apr
8-Mar
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
5.659 7.000 0.189 12.848
6.259 7.000 0.189 13.448
-0.600 0.000 0.000 -0.600
1.880 4.050 0.000 5.930
1.955 4.050 0.000 6.005
-0.075 0.000 0.000 -0.075
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 0.000
2.789 3.200 5.989 -0.150
0.000 0.000 0.000 0.150
3.727 0.035 3.762 -0.025
3.727 0.035 3.762 -0.150
0.000 0.000 0.000 0.125
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
6.859
7.609
-0.750
2.193
2.393
-0.200
1.578
1.578
0.000
39%
39%
0%
115%
127%
13%
58%
64%
5%
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
6.859 8.700 0.050 15.609
7.609 8.000 0.100 15.709
-0.750 0.700 -0.050 -0.100
2.193 4.700 0.000 6.893
2.393 4.700 0.000 7.093
-0.200 0.000 0.000 -0.200
1.578 4.000 3.800 9.378
1.578 4.000 3.800 9.378
0.000 0.000 0.000 0.000
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 0.000
4.200 3.400 7.600 -0.150
0.000 0.000 0.000 0.150
4.200 0.035 4.235 0.000
4.400 0.035 4.435 -0.150
-0.200 0.000 -0.200 0.150
0.350 7.100 7.450 0.000
0.350 7.100 7.450 0.000
0.000 0.000 0.000 0.000
Ending Stocks Stocks/Offtake Ratio
12.630
12.630
0.000
8.009
8.259
-0.250
2.658
2.808
-0.150
1.928
1.928
0.000
44%
44%
0%
105%
109%
3%
63%
63%
1%
26%
26%
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
4/19/2018
(Million 480-lb. Bales)
African Franc Zone 10-Apr
8-Mar
Change
Central Asia (FSU) 10-Apr
8-Mar
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
2.339 5.985 0.000 8.324
2.089 5.985 0.000 8.074
0.250 0.000 0.000 0.250
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
2.990 2.894 5.884 0.000
2.790 2.894 5.684 0.000
0.200 0.000 0.200 0.000
Ending Stocks Stocks/Offtake Ratio
1.769
1.769
0.000
2.440
2.390
0.050
38%
38%
0%
41%
42%
1%
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
2.440 6.200 0.000 8.640
2.390 6.200 0.000 8.590
0.050 0.000 0.000 0.050
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
2.760 3.202 5.962 0.000
2.680 3.202 5.882 0.000
0.080 0.000 0.080 0.000
Ending Stocks Stocks/Offtake Ratio
2.621
2.621
0.000
2.678
2.708
-0.030
61%
61%
0%
45%
46%
1%
Choice Cotton Company, Inc.
Source: World Agricultural Supply and Demand Estimates (WASDE) http://www.usda.gov/oce/commodity/wasde/latest.pdf
