The latest U.S. Department of Agriculture (USDA) projections for 2014 indicate that the global cotton crop is forecast at 116.4 million bales, about 2 percent below the 2013 estimate of 118.3 million bales.

While below a year ago, world production remains forecast above projected consumption, resulting in 2014/15 global ending stocks rising for the fifth consecutive season to a new record.

Cotton crop estimates for the leading suppliers are mixed, with expected declines in China and India more than offsetting an increase in the United States. The top five cotton producing countries consistently account for about 80 percent of global production, with 2014 projected near 79 percent.

The U.S. share is expected to rise to 14 percent in 2014, resulting from higher area and improved crop conditions increasing output. However, reduced shares are seen for China and India, where a combined 49 percent of global production is expected in 2014.