Cotton Stocks at 8-Year Low in U.S.

WASHINGTON - Mar 10/04 - SNS -- The latest cotton estimates from the USDA's World Agriculture Outlook Board are projected the lowest ending stock in the United States in eight years on account of better than expected usage rates.

Domestic mill use is raised 100,000 bales to 6.3 million, as slower growth in textile imports has stabilized mills' share of the U.S. retail market. Exports are raised 600,000 bales to 13.8 million, 16% above last year's record, as strong demand by China is expected to continue through the remainder of the marketing year. Ending stocks are reduced to 3.6 million bales, or 18% of total use.

Higher consumption and imports by China are boosting 2003-04 world consumption and trade projections this month. World production is slightly higher, as increases for Australia, Brazil, and Iran are partially offset by reductions for India and Sudan.

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