The February 2017 World Agricultural Supply and Demand Estimates (WASDE) report has been released by USDA.

Here’s this monthΆs summary for cotton:

“The 2016/17 U.S. cotton supply and demand forecasts show slightly higher exports and lower ending stocks relative to last month. Production and domestic mill use are unchanged. The export forecast is raised 200,000 bales to 12.7 million based on strong export sales during January. Ending stocks are now estimated at 4.8 million bales, equivalent to 30% of total disappearance. The marketing year average price received by producers is projected to average between 67 and 71 cents per pound, an increase of 2 cents on both ends of the range, as recent market prices have exceeded previous expectations.

“The 2016/17 world cotton forecasts include slightly higher consumption and lower ending stocks. World production is virtually unchanged from last month, as a higher estimate for China is mostly offset by lower expectations for Pakistan, Uzbekistan, and Turkmenistan. Global consumption is forecast higher, due mainly to increases for India, Bangladesh, and Vietnam. World ending stocks are now projected at 89.9 million bales.”