The U.S. government probably will lower its estimate of the recently-harvested cotton crop for a fourth straight month after drought hurt production inTexas, a Bloomberg News survey of eight analysts showed.
Estimates for production, exports and inventories for the marketing year ending July 31 are listed below in millions of bales, each weighing 480 pounds (218 kilograms). The U.S. Department of Agriculture will update its forecasts at 8:30 a.m. on Feb. 9 in Washington.
2011-2012 Estimates USDA Estimates
Average Range January
Production 15.5 15.07-15.67 15.67
Exports 11.0 10.85-11.3 11.0
Ending Stocks 3.65 3.4-3.9 3.7
SOURCE OUTPUT EXPORTS ENDING STOCKS
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Bondurant 15.67 11.0 3.7
Country Hedging 15.07 10.85 3.85
FCStone 15.5 11.0 3.65
Flanagan 15.48 11.0 3.9
Kropf & Love 15.67 11.0 3.7
Stevens 15.47 11.0 3.5
Texas A&M 15.5 11.0 3.5
Varner Brothers 15.65 11.3 3.4