U.S. and World Cotton Economic Outlook
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U.S. and World Cotton Economic Outlook September 2013 Prepared by: Economic Services National Cotton Council. Macroeconomic Environment. U.S. Real GDP Growth. U.S. Crude Oil Spot Price. U.S. #2 Diesel, Gulf Coast. Civilian Unemployment Rate. U.S. Federal Budget Surplus (CBO Projection).

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U.S. and World Cotton Economic OutlookSeptember 2013Prepared by:Economic ServicesNational Cotton Council


Macroeconomic

Environment






U.S. Federal Budget Surplus

(CBO Projection)



Real GDP Growth

in Selected Countries


Euro currency per u s dollar
Euro(Currency per U.S. Dollar)


Real exchange rate index other important trade partners
Real Exchange Rate Index(Other Important Trade Partners)

Federal Reserve



U.S. Net Farm Income






2013 U.S. Cotton Area

Thousand Acres

* USDA


2013 U.S. Cotton Area

Thousand Hectares

* USDA


U.S. Cotton Production













U.S. Cotton Mill Use

(Calendar Year)


U.S. Cotton Mill Use

(Marketing Year)



The World Market

& U.S. Cotton Exports










Cotton stocks use world less china
Cotton Stocks/Use(World less China)


U.S. Supply and DemandMillion Bales

Beginning Stocks 3.35 3.90

Production 17.32 12.90

Imports 0.01 0.01

Total Supply 20.68 16.81

Mill Use 3.50 3.50

Exports 13.03 10.40

Total Offtake 16.53 13.90

Ending Stocks 3.90 2.90

Stocks-to-Use Ratio 23.6% 20.9%

2012/13e

2013/14p


U.S. Supply and DemandMillion Metric Tons

Beginning Stocks 0.73 0.85

Production 3.77 2.81

Imports 0.00 0.00

Total Supply 4.51 3.66

Mill Use 0.76 0.76

Exports 2.84 2.27

Total Offtake 3.60 3.03

Ending Stocks 0.85 0.63

Stocks-to-Use Ratio 23.6% 20.9%

2012/13e

2013/14p


World Supply and DemandMillion Bales

Beginning Stocks 71.77 86.04

Production 121.04 117.42

Imports 46.43 38.93

Mill Use 107.27 109.53

Exports 46.74 38.96

Ending Stocks 86.04 94.73

Stocks-to-Use Ratio 80.2% 86.5%

2012/13e

2013/14p


World Supply and DemandMillion Metric Tons

Beginning Stocks 15.64 18.75

Production 26.37 25.58

Imports 10.12 8.48

Mill Use 23.37 23.86

Exports 10.18 8.49

Ending Stocks 18.75 20.64

Stocks-to-Use Ratio 80.2% 86.5%

2012/13e

2013/14p


Producers

Cooperatives

Warehouses

Manufacturers

Ginners

Cottonseed

Merchants


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