The US Department of Agriculture last night released its summer planting report, with cotton acreage down 15pc, alongside a dip in corn acres but increases of soybeans and wheat.

The US cotton acreage for 2008 is estimated at 3.75 million hectares, or 15pc below last year and the lowest level since 1983.

The upland area is estimated at 3.66Mha, down 14pc from 2007.

Decreased planted hectares are estimated for all States except Oklahoma and Virginia.

According to Pete Johnson, Weil Brothers, Toowoomba, cotton consumption will "almost certainly" outstrip production over the next 12 months.

"But the extent will depend on just how bad Northern Hemisphere growing conditions turn out in the next few months," he said.

"A sharp drawdown in global stocks will create a whole new set of dynamics for the cotton market. We just need to hang in there."