In its February report, USDA projected the 2012-13 U.S. crop to be 17.01 million bales, unchanged from the January report.

Exports were raised 300,000 bales to 12.50 million bales. U.S. mill use was unchanged at 3.40 million bales. This generates a total 2012-13 offtake of 15.90 million bales.

Ending stocks for 2012-13 are projected to be 4.50 million bales for an ending stocks-to-use ratio of 28.3 percent.

For the 2011-12 crop year, USDA gauged U.S. cotton production at 15.57 million bales. Mill use and exports were unchanged from the January report at 3.30 million and 11.71 million bales, respectively. Total offtake for the 2011-12 crop year is 15.01 million bales. Ending stocks were unchanged from the previous month at 3.35 million bales. The stocks-to-use ratio for the 2011-12 marketing year is 22.3 percent.

The USDA report raised the 2012-13 world production estimate by 120,000 bales from the January report to 118.95 million bales. World mill use was raised 180,000 from the January report to a projected 106.24 million bales. Consequently, world ending stocks for 2012-13 are projected to be 81.86 million bales, giving a stocks-to-use ratio of 77.1 percent.

For the 2011-12 marketing year, USDA puts world production at 124.13 million bales, unchanged from last month’s report. World mill use also was unchanged at 103.09 million bales. World ending stocks on July 31, 2012, now stand at 69.03 million bales. This has a corresponding stocks-to-use ratio of 67.0 percent.