The market will receive updated S&D news today on the Mar WASDE report. The monthly Bloomberg survey of cotton traders and analysts shows little expected change in either the US or world balance sheets. The USDA does not normally change the Jan USDA production projection ahead of its April report however, this year’s final ginning report will be issued tomorrow and could prompt the USDA to move US production 100K – 200K bales lower in S&D balance sheets. Expectations are for lower World Cotton production vs. February, as well as a decline in demand and ending stocks. If we see world production lowered it could come from estimates of 300,000 less bales out of India and 200,000 bales less out of Pakistan per reports last week.
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