By admin       2018-04-16

With the increase in U.S. exports, 2017/18 U.S. ending stocks are forecast lower this month at 5.3 million bales, although they remain more than 2.5 million bales above a year earlier. The current stocks-to-use ratio is estimated at a modest 29 percent, albeit nearly double last season’s ratio. Despite a higher stocks-to-use ratio in 2017/18, the U.S. farm price is expected to remain relatively high based on the strength of global cotton demand. The average price received by upland cotton producers for 2017/18 is projected to range between 67 and 69 cents per pound, with the midpoint of 68 cents equal to the average received in 2016/17.

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