The condition of China's cotton stocks is unknown, but it appears there is some confidence that Beijing will not dump its excess on the world market. Own Petard Cotton is the only crop that will have larger global surplus stocks this year than in the past decade, and yet U.S. farmers are forecast to give the crop a larger boost in production (+10.5 percent) than any other major crop. This is because stocks are low in the U.S., while China holds most of the world's surplus cotton. China accumulated the stocks due to its guarantee of a high price to farmers. The government is now switching to a target price approach that will instead make a deficiency payment to producers. The condition of China's stocks is unknown, but it appears there is...