USDA has released its January 2024 World Agricultural Supply and Demand Estimates (WASDE) report. Here’s this month’s summary for cotton:

This month’s U.S. 2023/24 cotton forecasts include lower production, exports, and ending stocks. Production is 342,000 bales lower, at 12.4 million bales, largely due to reductions in Texas. Exports are 100,000 bales lower, and ending stocks are 200,000 bales lower at 2.9 million. The season-average upland price received by farmers is projected 1 cent lower this month at 76 cents per pound.

World 2023/24 ending stocks are forecast 2.0 million bales higher this month, driven by higher beginning stocks and production together with lower consumption. Lower 2022/23 consumption in Uzbekistan accounts for most of this month’s 400,000-bale increase in 2023/24 beginning stocks. World consumption in 2023/24 is forecast 1.3 million bales lower than last month due to reductions for India, Indonesia, Pakistan, Uzbekistan, and Turkey. World production is 260,000 bales higher, with China’s crop up 500,000 bales and Argentina’s production higher as well, but lower U.S. production. World trade is little changed as a 500,000-bale increase in China’s projected imports is more than offset by reductions in Indonesia, Pakistan, and several smaller countries.