U.S. cotton exports will shrink by 14 percent this trade year, the result of a drought-stunted crop, but America will remain the No. 1 supplier to the world market, said the USDA on Thursday. “High temperatures and drought in Texas, where 40 percent of U.S. cotton production occurs, have slashed production and exportable supplies,” said a monthly USDA cotton circular.
At 12.5 million bales, exports would be the smallest in seven years. Production, at 13.8 million bales, would also be the smallest in seven years. A bale of cotton weighs 480 pounds, or 218 kilograms.
In its October crop report, the USDA marginally lowered its estimates of the U.S. corn and soybean crops, and in the companion WASDE report, it said China would import more soybeans than previously expected. Brazil, the No. 1 soybean exporter, will harvest a record 152 million tonnes of soybeans in 2022/23. The mammoth 20 percent increase from the previous year was made possible by the highest yield per hectare and the largest harvested area ever in Brazil, said a World Agricultural Production circular.