The export forecast for cotton in the US for 2022-23 is 1,00,000 bales lower. Ending stocks are 1,00,000 bales higher.

Production is virtually unchanged at 13.8 million bales, less than one per cent lower than in September 2022. The 2022-23 US cotton supply and demand estimates show slightly lower exports and higher ending stocks compared with September 2022. The 2022-23 season-average price for upland cotton is forecast at 90 cents per pound, six cents lower than last month and slightly below the final 2021-22 record-high price of 91 cents. In the 2022-23 world balance sheet this month, consumption is three million bales lower and ending stocks are three million bales higher.

China’s historical consumption estimates are revised back to 2019-20, with the largest change in 2021-22, which is revised down two million bales.China’s projected 2022-23 consumption is a million bales lower this month, as is India’s.Pakistan’s is 5,00,000 bales lower and consumption is also lower for Turkey, Mexico, and Vietnam.

World trade is projected nearly a million bales lower than it was in September, with declines in imports by China, Pakistan, Mexico, Turkey, and Vietnam. Exports are lower for Australia, Brazil, India, Benin, Cote d’Ivoire, Greece, and Mexico, as well as the United States.