Cotton production forecast up in August

According to USDA’s first survey-based forecast, the 2011 U.S. cotton crop is projected at 16.55 million bales, 554,000 bales above July’s estimate but nearly 1.6 million bales below last season’s output. The 2011 production decline is largely attributable to the drought in Texas that has reduced the harvested acreage estimate below the 2010 level.