The USDA has slashed its 2020 U.S. cotton production outlook.

As of December 1st, domestic upland cotton production is seen at 15.395 million bales, 1.14 million bales less than in November, primarily because of drought or near drought conditions in parts of Texas, lowering that state’s production estimate by about 900,000 bales.

U.S. cotton ending stocks were down on the month because of that lower production guess, along with a slight increase in exports.

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