This morning’s USDA report included a 1 million bale cut in 2011 U.S. cotton production.  This month’s reduction is due to higher abandonment, as there has been no improvement in the extremely dry conditions in the Texas High Plains.  Further consideration may have been given to the drought conditions that also persist in Georgia.  Reductions in both 2010 and 2011 exports kept ending stocks at 2.5 million bales for the 2011-2012 marketing year.