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Cotton outlook for 2023

13/02/2023
Cotton outlook for 2023
Memphis-based National Cotton Council (NCC) held its annual meeting this week in Dallas and released data on the early season planting intentions of cotton production in the United States. This survey, conducted last December, found that cotton growers intend to plant 11.4 million acres of cotton this spring, down 17% from 2022. Upland cotton intentions are 11.2 million acres, down 17.3% from 2022, while extra-long staple (ELS) intentions of 184,000 acres represent a 0.5% increase, the report found.

Dr. Jody Campiche, the NCC’s vice president for economics & policy analysis, commented: “History has shown that US farmers respond to relative prices when making planting decisions. Relative to the average futures prices during the first quarter of 2022, cotton prices are lower while the prices of most competing commodities are relatively unchanged. Price ratios of cotton to corn and soybeans are at the lowest level since planting the 2009 crop. In addition, production costs remain elevated.”

With regards to the global outlook for the coming year, the NCC estimates that world production will increase slightly to 115.9 million bales in 2023/24 due to an increase in harvested acreage, the lifting of covid restrictions in China, and an expectation of improving global economic conditions.

Image by Karl Wiggers via Unsplash

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