USDA has released its February 2023 World Agricultural Supply and Demand Estimates (WASDE) report. Here’s this month’s summary for cotton:

The 2022/23 U.S. cotton supply and demand forecasts show slightly lower mill use and higher ending stocks relative to last month, while production and exports are unchanged. The mill use forecast is lowered 100,000 bales to 2.1 million on recent lower rates of monthly utilization. The upland cotton marketing year average price received by producers is projected at 83 cents per pound, unchanged from January.

World 2022/23 cotton ending stocks are 850,000 bales lower this month as expected output falls 1 million bales and consumption is projected 190,000 bales lower. India’s crop is reduced 1 million bales as a continued slow pace of market arrivals tempers previous optimism, and Franc Zone production is 600,000 bales lower this month due to insect damage this season. China’s crop is raised 500,000 bales on a record pace of Xinjiang inspections in January, and Pakistan’s is raised 200,000 bales on favorable arrivals data.

World 2022/23 consumption is 200,000 bales lower this month as a 500,000-bale increase for China is more than offset by reduced expectations for Indonesia, Pakistan, the United States, and Vietnam. World trade is projected 1.3 million bales lower, with prospective imports lower for Pakistan, Indonesia, Egypt, and Bangladesh, and prospective exports lower for India, Brazil, Cote d’Ivoire, Benin, and Egypt.