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Five pound cut in average US cotton yield in October

The US cotton adjustments in October included a small 90,000 bale decrease in forecasted production, which appeared driven from a five pound cut in average US cotton yield.

The biggest adjustments to yield at the state level included a 160 pound per acre increase in New Mexico, a 107 pound per acre decrease in Mississippi and a 72 pound per acre decrease in South Carolina.

While the 2015 crop got off to a late start, it has apparently matured on schedule. It is no longer a late crop. Cotton boll opening and harvest are on par with five year average trends.

Ending stocks likely will either be lower or little changed, year-over-year, which suggests that prices may continue to trade in their long-standing range. There were no adjustments to US mill use or exports. World cotton numbers showed a month-over-month increase of 8,80,000 bales of carry-in from the 2014 crop.

Month-over-month decreases in projected Chinese, Pakistani, and Brazilian production outweighed a small increase in West African production, resulting in a lowering of world production by 1.36 million bales.

However, projected world consumption was also lowered 1.17 million bales, compared to the September projections, with the cuts concentrated in the top textile manufacturing countries (China, India, and Pakistan).

 
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