The July report of the US Department of Agriculture pro-vides a first look at country-by-country estimates for supply and demand for 2003-04, confirming continued tighter markets for cotton domestically and worldwide. Responding to a lower estimate for planted acreage, persistent rains on already saturated fields across much of the Midsouth and Southeast, and progress reports that show the crop remains behind schedule, US production estimates for 2003-04 were lowered by 600,000 bales from June to 16.6m bales.
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