The US Department of Agriculture released its monthly December production and supply/demand report Monday morning. The following are the key points for cotton: 2006/07 US crop - 21.30 million (480-lb) bales, from 21.30 million bales last month.
2006/07 US cotton exports - 16 million bales from 16.2 million bales last month. 2006/07 world production - 115.86 million bales from 115.72 million bales last month. 2006/07 world consumption - 121 million bales from 120.88 million bales in November. 2006/07 world ending stocks - 51.49 million bales from 51.05 million bales in last month's report.
2006/07 China production - 30.50 million bales from 30 million bales last month. 2006/07 China cotton imports - 17.25 million bales from 17.5 million bales in the October report.
2006/07 China consumption - 50 million bales from 50 million bales in the October data. 2006/07 China ending stocks - 15.36 million bales, from last month's 15.14 million. Sharon Johnson, First Capitol Trading Group in Atlanta, Georgia: "You had a few changes here and there. I don't see this report moving this market in a substantial fashion." Mike Stevens, SFS Futures in Mandeville, Louisiana: "It (the report) shouldn't change anybody's mind about anything," he said, adding the USDA was apparently content to fine-tune its estimates of the global cotton market.
He believes sentiment in the cotton market will not be unduly influenced by the data. The benchmark December cotton contract shed 0.33 cent to end Friday at 52.73 cents per lb.
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