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China Ups Cotton Import Estimate On Trade Deal Optimism

11 Jan 2020 12:16 pm
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MUMBAI (Commoditiescontrol) - China has raised its cotton import estimate by 200,000 tonnes on expectations of more purchases from the US due to an improvement in their trade relations.

Imports seen at 1.8 million tonnes for the year ending August, compared with earlier forecast of 1.6 million tonnes, according to a report released by the country's agriculture ministry’s outlook committee on Friday.

Cotton consumption estimate maintained at 8.03 million tonnes, against 8.2 million tonnes in 2018-19, because of weak textile exports, it said in monthly China Agricultural Supply and Demand Estimates.

SOY

The committee maintained its soybean import forecast at 87.7 million tonnes for the year ending September. China bought 82.6 million tonnes in 2018-19.

CORN

The committee kept the Asian country’s 2019-20 corn consumption and import estimates unchanged. Total consumption seen rising to 281 million tonnes from 275 million tonnes year earlier. While corn import seen at 3 million tonnes, down from 4.5 million tonnes in 2018-19.


       
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