World Agricultural Supply and Demand Estimates

Here’s this month’s summary for cotton: -

January 17, 2024 COTTON: This month’s U.S. 2023/24 cotton forecasts include lower production, exports, and
ending stocks. Production is 342,000 bales lower, at 12.4 million bales, largely due to reductions
in Texas. Exports are 100,000 bales lower, and ending stocks are 200,000 bales lower at 2.9
million. The season-average upland price received by farmers is projected 1 cent lower this
month at 76 cents per pound.
World 2023/24 ending stocks are forecast 2.0 million bales higher this month driven by higher
beginning stocks and production together with lower consumption. Lower 2022/23 consumption
in Uzbekistan accounts for most of this month’s 400,000-bale increase in 2023/24 beginning
stocks. World consumption in 2023/24 is forecast 1.3 million bales lower than last month due to
reductions for India, Indonesia, Pakistan, Uzbekistan, and Turkey. World production is 260,000
bales higher with China’s crop up 500,000 bales and Argentina’s production higher as well, but
lower U.S. production. World trade is little-changed as a 500,000-bale increase in China’s
projected imports is more than offset by reductions in Indonesia, Pakistan, and several smaller

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