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WASDE - Cotton

Jul 11, 2012

COTTON: This month’s 2012/13 U.S. cotton estimates show slight revisions in supply and

offtake, resulting in marginally lower ending stocks. Beginning stocks are raised 100,000 bales to

3.3 million, reflecting a decrease for domestic mill use in 2011/12. Production for 2012/13 is

unchanged at 17.0 million bales, despite a 4-percent reduction in planted area in the June

Acreage report, as abandonment and yield have been adjusted based on current conditions.

Forecast domestic mill use is reduced 100,000 bales based on recent activity levels. Exports are

raised due to higher projected global imports and slightly reduced foreign competition. Ending

stocks are now projected at 4.8 million bales. The projected range for the season average farm

price is unchanged at 60 to 80 cents per pound.

Lower beginning stocks and production trim this month’s 2012/13 world stocks projection by 3

percent. World production is reduced 1.5 million bales due to decreases for India, Pakistan, and

others. A reduction in India’s crop of 1.0 million bales reflects lower-than-expected planted area

and slightly lower yield prospects due to the monsoon delay. Total world consumption is virtually

unchanged as reductions for China and the United States are offset by increases for India,

Pakistan, and Vietnam.

DISCLAIMER: This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to the accuracy, and is not to be construed as representation by Commodity & Derivative Adv. The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Read Entire Disclaimer.

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