In its annual June 30 acreage report, the USDA has reported (from surveys) that 9.0M total acres were planted to cotton this season, 8.85M acres to upland cotton. The results were 1.5M to 3.35M acres below published expectations and 1M acres below our expectations. Both the total and upland acreage are off 18% Y/Y.
We view this data as supportive and we will be presenting an updated US production estimate in our daily report soon.
