Cotton Projections Decrease and Gas Prices Drop
From Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The latest USDA cotton projections for 2023/24 indicate global cotton beginning and ending stocks decreased by approximately ten million bales, 11%, from the previous month.
The decrease, however, was largely attributable to a permanent accounting change for Brazil’s production data back to 2000/01.
For 2023/24, global cotton ending stocks are 2.9 million bales, or 3.5% lower than the previous year.
China again accounts for nearly half of global cotton stocks, with India, Brazil, and the U.S. combining for an additional 25%.
**For the fourth consecutive week, the nation's average gas price dropped, falling 11.3 cents from a week ago to $3.55 per.
The national average is down 29.9 cents from a month ago and 30.9 cents per gallon lower than a year ago.
The national average diesel price fell 5.8 cents last week and stands at $4.48 per gallon, 55.2 cents lower than one year ago.
**The USDA extended the application deadline for the Milk Loss Program to Monday, October 30.
The extension allows more time for eligible dairy farmers to apply for much-needed, weather-related disaster recovery assistance.
Administered by USDA’s Farm Service Agency, MLP compensates dairy producers who, because of qualifying weather events, dumped or removed milk without compensation from the commercial milk market in calendar years 2020, 21 and 22.
