美国棉花期末存量上调10万包达340万包

Ending stocks for cotton raised 100,000 bales to 3.4 mn bales
U.S. Department of Agriculture (USDA) presents world agricultural supply and demand estimate (WASDE) report for cotton for September 2011. This month's U.S. 2011/12 cotton estimates reflect lower supplies and offtake, resulting in ending stocks marginally above last month. Beginning stocks are lowered 250,000 bales while production is unchanged, based on a combination of higher area and lower yields.
Domestic mill use is unchanged. Exports are reduced 300,000 bales to 12.0 million, due mainly to lower U.S. supplies and lower imports by China. Ending stocks are raised 100,000 bales to 3.4 million bales. The marketing-year average price received by producers is projected to range from 85 to 105 cents per pound, unchanged from last month.
The world 2011/12 estimates show small revisions from last month. Production is raised marginally, as an increase for China more than offsets reductions for Pakistan, Turkmenistan, and Uzbekistan. World consumption is virtually unchanged and world trade is reduced slightly. Global ending stocks are now estimated at 51.9 million bales, 18 percent above the beginning level and slightly below last month.
The U.S. 2010/11 balance sheet is revised to reflect higher mill use and lower ending stocks relative to last month. The August 25th U.S. Census Bureau report "Consumption on the Cotton System and Stocks" included preliminary end-of-season stocks data; however, this data will not be revised by Census in September due to the elimination of the Current Industrial Reports series.
附译文如下：

美国棉花期末存量上调10万包达340万包
美国农业部（USDA）于2011年9月提出了世界农产品供给和需求预计（WASDE）棉花报告。本月美国2011/12年度棉花预计反映了供应量下降和商品销售，导致棉花期末存量略高于上个月。在更高的面积和单产下降基础上，期初库存数据下调25万包，而产量不变。
国内纺织厂用量不变。出口量下调30万包至1200万，主要是由于美国供应量和中国的进口量下降。期末库存上调10万包至340万包。生产者预计市场年度的平均价格是每磅85至105美分，与上月持平。
世界2011/12年度的预计显示了对上个月的修正。产量微增，因为中国增加的数量差不多与巴基斯坦，土库曼斯坦和乌兹别克斯坦减少数量相抵消。世界消费量几乎不变，世界贸易略有减少。全球期末库存预计为5190万包，高于期初值18％，稍低于上个月。
美国2010/11年度修订的资产负债表反映了更高的纺织厂用量和相对于上月降低的期末库存。8月25日美国人口普查局的报告“棉花系统消费与库存”介绍了初步的棉季结束的库存数据，不过，由于当前产业报告系列的取消，这一数据将不会在9月被修订。