The United States Department of Agriculture (USDA) released their revised estimates for world supply and demand for 2003/04 cutting global production estimates by 660,000 bales from the initial June estimates of 95.5 million bales.

Consumption is now predicated to total 99.14 million bales, up 140,000 bales from the last estimate.

Nick Waters, Weil Bros., Toowoomba said the USDA also stated that ending stocks would be around 32.96 million bales.

"This represents a decline in stocks from the previous year of 11
percent," Mr Waters said.

"US production estimates have also been reduced from the last estimate of 17.2 million to 16.6 million bales.

"US domestic consumption estimates have been reduced by 400,000 bales to 6.8 million bales with exports expected to reach 11.8 million bales."