USDA further revises 2024-25 global cotton ending stocks estimate downwards to 76.33 million bales

USDA further revises 2024-25 global cotton ending stocks estimate downwards to 76.33 million bales

NEW DELHI, Oct 11 (Commoditiescontrol) - In its latest October 2024 report, the US Department of Agriculture (USDA) has revised downwards its forecast for global ending stocks in 2024-25 further at 76.33 million bales (1 US bale= 218kg), compared to 76.49 million bales projected in September 2024.

In the global cotton balance sheet for 2024/25, world production is raised over 200,000
bales, with increases in China, Brazil, and Argentina more than offsetting reductions in the
United States and Spain.

World trade is lowered over 500,000 bales, mainly due to a reduction in China’s imports. World ending stocks are reduced slightly from last month to 76.3 million bales. There were no significant revisions to the 2023/24 global balance sheet.

Compared to last month, the U.S. cotton balance sheet for 2024/25 shows lower production, mill use, and exports. NASS reduced the estimate of U.S. all-cotton production by slightly over 300,000 bales to 14.2 million in its October Crop Production report, primarily reflecting the damage from Hurricane Helene. Georgia and North Carolina accounted for much of the reduction as high winds and heavy rain pummeled open bolls, while some other states experienced partially offsetting gains.

Overall, the national all-cotton yield estimate is reduced 18 pounds from last month to 789 pounds per harvested acre. Domestic mill use is reduced 100,000 bales to 1.8 million due to the latest reported mill activity.

Reflecting weaker global import demand and lower production for 2024/25, U.S. exports are reduced 300,000 bales to 11.5 million.

Ending stocks are raised 100,000 bales to 4.1 million, for a stocks-touse ratio of slightly less than 31 percent. The 2024/25 season average upland farm price is unchanged at 66 cents per pound. There are no revisions to the 2023/24 U.S. cotton balance
sheet.

USDA- 2024-25 (Oct 2024) vs 2023-24 (In Million 480-Pound Bales)

WORLD (In Million 480-Pound Bales)
Opening Stock- 75.20/75.97
Production-116.64/113.66
Import- 42.48/43.97
Consumption-115.74/113.85
Export- 42.47/44.75
Ending Stock- 76.33/75.20

INDIA (In Million 480-Pound Bales)
Opening Stock-10.20/10.82
Production-24/25.80
Import-2.30/0.89
Consumption-25.50/25
Export-1.30/2.31
Ending Stock-9.70/10.20

US (In Million 480-Pound Bales)
Opening Stock-3.15/4.65
Production-14.20/12.07
Import 0.01/0.01
Consumption-1.80/1.85
Export-11.50/11.75
Ending Stock-4.10/3.15

CHINA (In Million 480-Pound Bales)
Opening Stock- 37.12/33.36
Production- 28.20/27.35
Import- 9/14.98
Consumption- 38/38.50
Ending Stock- 36.24/37.12

BRAZIL (In Million 480-Pound Bales)
Opening Stock- 3.11/4.01
Production- 16.80/14.57
Consumption- 3.30/3.16
Export- 12.30/12.31
Ending Stock- 4.32/3.11

PAKISTAN (In Million 480-Pound Bales)
Opening Stock-1.85/1.53
Production-5.70/7
Import- 4/3.20
Consumption-9.60/9.70
Export-0.05/0.18
Ending Stock-1.90/1.85

BANGLADESH (In Million 480-Pound Bales)
Opening Stock-1.71/1.73
Production-0.16/0.16
Import-7.70/7.58
Consumption-7.80/7.75
Ending Stock-1.77/1.71

VIETNAM (In Million 480-Pound Bales)
Opening Stock-1.03/1.05
Import-6.90/6.59
Consumption-6.90/6.60
Ending Stock-1.04/1.03

AUSTRALIA (In Million 480-Pound Bales)
Opening Stock-4.20/4.78
Production-5/5
Export-5.40/5.74
Ending Stock- 3.97/4.20

(By Commoditiescontrol Bureau)