Brazil: Explanation of Brazilian Cotton Stock Estimates
Link to report:
This report explains why official the USDA stocks and stocks-to-use estimates for Brazil's cotton production, supply, and distribution (PSD) are unusually high. The report demonstrates how the USDA August-July marketing year (MY), which is based on Northern Hemisphere, correlates with Brazil's planting, harvest, trade, and stocks timeline. The report also calculates un-official stocks on a calendar year basis, and explains how to extrapolate year-end stocks from the official PSD number.
