USDA: COTTON PROJECTIONS FOR 2009/10

COTTON:  The U.S. 2009/10 cotton forecasts are virtually  unchanged from last month, with slightly larger beginning  stocks offsetting marginally lower production.  Production is  lowered 43,000 bales, based on the National Agricultural  Statistics Service’s first crop survey of the season.  Harvested  acres are estimated at 7.8 million, reflecting abandonment of  14 percent, and the yield per harvested acre is estimated at  816 pounds.  Domestic mill use, exports, and ending stocks are  unchanged from last month.  The forecast range for the  marketing-year average price received by producers is  narrowed 1 cent on each end to 49 to 59 cents per pound.  The 2009/10 world cotton forecasts are also virtually  unchanged from last month.  Production is forecast at 105.9  million bales, reflecting an increase for China, offset by  reductions for Greece, Brazil, and Australia.  World trade is  raised marginally, due mainly to increases in imports by Turkey  and Vietnam.  World ending stocks of 57.5 million bales are  lowered by less than 1 percent.