USDA Projects 16% Higher US Cotton Crop in 2023-24
For the 2023-24 cotton season, the United States Department of Agriculture (USDA) has increased US cotton crop production projection to 16.5 million bales (1 bale = 480 pounds) or 14% above the 2022-23 crop and 6% above the 3-year average.
“The June forecast increased due to recent precipitation in the Southwest region that improved moisture conditions for spring planting and reduced abandonment expectations,” USDA said in its latest June report.
Upland production is estimated at 16.1 million bales in 2023-24 as against 14 million bales in the previous season, while extra-long staple (ELS) crop is projected at 400,000 bales, down from 470,000 bales in 2022-23.
According to USDA, lower cotton prices and higher competing crop prices as planting time approached, reduced cotton area expectations for 2023/24.
USDA’s March 2023 survey of producer’s planting intentions had revealed an 18% reduction in cotton area from last season, although it is slightly above the 2021-22 level.
