What adjustments were made to cotton’s June price forecast?

Cotton received some troubling news this month with changes to the price forecast.

USDA’s Outlook Board says the numbers were give and take.

“We reduced U.S. exports by 500,000 bales. That is the main change on the old year balance sheet reduction in our export forecast. Ending stocks for the old crop increased by 450,000 bills that carries into the new crop year as an increase in beginning stocks of 450,000 bills. So, most of that increase in beginning stocks goes directly into an increase in ending stocks,” said Mark Jekanowski.

Jekanowski adds hat the new crop forecast is down $0.04 per pound, coming in at $0.70, which is down $0.06 per pound compared to last year.

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