USDA has released its September 2022 World Agricultural Supply and Demand Estimates (WASDE) report. Here’s this month’s summary for cotton:

The 2022/23 U.S. cotton projections include higher beginning stocks, production, exports, and ending stocks this month. Beginning stocks are increased 250,000 bales, largely reflecting 2021/22 reported ending stocks data from the Agricultural Marketing Service and the NASS Cotton System Consumption and Stocks report. Production is 1.3 million bales higher at 13.8 million, with higher production expected in most major producing states. Exports are projected 600,000 bales higher this month as the U.S. share of exportable supplies rises, and ending stocks are 900,000 bales higher at 2.7 million bales. The season-average price for upland cotton is forecast at 96 cents per pound, 1 cent lower than in August.

The 2022/23 world cotton projections include higher production and ending stocks relative to last month, and lower consumption. World production is projected 1.4 million bales higher as more production in the United States, Australia, China, and Turkey offset decreases for Pakistan, Uzbekistan, and Togo. World consumption is 460,000 bales lower, with reductions in Pakistan and Vietnam. World trade is unchanged as higher U.S., Australia, and Mexico exports offset lower expected shipments from Brazil and Uzbekistan. On the import side, a 200,000-bale increase in Pakistan’s expected imports offsets reduced expectations for Turkey and Vietnam. World ending stocks are 2.0 million bales higher this month, at 84.8 million bales.