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U.S. and World Cotton Economic Outlook November 2002 Prepared by: Economic Services National Cotton Council.

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Presentation on theme: "U.S. and World Cotton Economic Outlook November 2002 Prepared by: Economic Services National Cotton Council."— Presentation transcript:

1 U.S. and World Cotton Economic Outlook November 2002 Prepared by: Economic Services National Cotton Council

2 Macroeconomic and Sector-level Performance

3 U.S. Real GDP Growth

4 World Real GDP Growth

5 CBO Federal Budget Surplus

6 U.S. Net Farm Income

7 Prices Received Index

8 Prospects for Cotton Production

9 Southeast3,600 3,541 -0.2 Mid-South 4,595 3,730 -18.8 Southwest6,311 6,090 -3.5 West993 755 -24.0 ALL UPLAND 15,499 14,116 -8.9 ALL ELS270 265 -2.0 ALL COTTON15,769 14,381 -8.8 U.S. Cotton Plantings (Aug Crop Production) 20012002% Actual Estimated Change Actual Estimated Change Thousand Acres

10 U.S. Cotton Planted Area

11 Southeast751 542 634 Mid-South 734 783 699 Southwest482 529 475 West1,266 1,336 1,196 ALL UPLAND 694 653 641 ALL ELS1,254 1,263 1,095 ALL COTTON705 665 650 2002 U.S. Cotton Crop Yield Estimates 200120025-Yr. Actual Estimated Average Actual Estimated Average Lb. per Harvested Acre

12 U.S. Cotton Yield per Harvested Acre

13 U.S. Cotton Abandonment

14 U.S. Cotton Production

15 World Cotton Harvested Area

16 World Cotton Production

17 Outlook for Mill Use

18 Real Exchange Rate Indices Source: Federal Reserve Board

19 U.S. Cotton Textile & Apparel Imports

20 U.S. Cotton Textile & Apparel Imports by Country of Origin

21 U.S. Cotton Textile & Apparel Exports

22 Monthly Net Imports of Cotton Textiles

23 Net Domestic Cotton Consumption

24 Monthly Net Domestic Consumption of Cotton

25 Monthly Cotton Mill Use

26 Average Daily Mill Use (Bales)

27 U.S. Cotton Mill Use

28 World Cotton Mill Use

29 U.S. Export Potential

30 U.S. Cotton Exports

31 Top Customers for U.S. Raw Cotton 1990 County(000 Bales) Japan1,538 China1,347 Korea1,185 Indonesia 552 Italy 424 Taiwan 354 1990 County(000 Bales) Japan1,538 China1,347 Korea1,185 Indonesia 552 Italy 424 Taiwan 354 2002YTD Country(000 Bales) Mexico1,756 Indonesia 458 Canada 420 China 341 Korea 280 Japan 273

32 Step 2 Payment Rate

33 Foreign Mill Consumption less Production

34

35 Chinese Net Trade

36 India and Pakistan Net Trade

37 Stocks, Prices, Returns

38 Cotton Ending Stocks

39 Cotton Prices

40 Cotton Price and LDP

41 December Cotton Futures

42 Summary of the Supply & Demand Situation

43 U.S. Supply and Demand Million Bales Beginning Stocks6.07.4 Production20.317.8 Imports0.00.0 Total Supply26.325.2 Mill Use7.77.7 Exports11.010.8 Total Offtake18.718.5 Ending Stocks7.46.8 Stocks-to-Use Ratio39.7%36.8% Million Bales Beginning Stocks6.07.4 Production20.317.8 Imports0.00.0 Total Supply26.325.2 Mill Use7.77.7 Exports11.010.8 Total Offtake18.718.5 Ending Stocks7.46.8 Stocks-to-Use Ratio39.7%36.8% 2001/022001/022002/03(p)2002/03(p)

44 World Supply and Demand Million Bales Beginning Stocks42.747.5 Production98.488.1 Total Supply141.1135.6 Mill Use94.196.2 Ending Stocks47.540.0 Stocks-to-Use Ratio50.5%41.6% Million Bales Beginning Stocks42.747.5 Production98.488.1 Total Supply141.1135.6 Mill Use94.196.2 Ending Stocks47.540.0 Stocks-to-Use Ratio50.5%41.6% 2001/022001/022002/032002/03

45 Prices of Other Commodities

46 September Corn Futures

47 November Soybean Futures

48 Merchants Ginners Crushers Producers Cooperatives Warehouses Manufacturers


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