MUMBAI(Commoditiescontrol)- World cotton production is forecasted to increase 0.3 percent, in 2016-17 at 105.72 million bales of 480 lb each (1352.22 lakh bales of 170 kg each) as per the latest revision reported in the USDA World Agricultural Supply Demand Estimates(WASDE).
As per the latest report, the increase in world production was due to revisions made in the US production estimate which is forecasted to increase 1.59 percent to 17.23 million bales (220 lakh bales).
Consumption is revised for 2016-17 forecasted to increase in Vietnam by 4 percent at 5.30 million bales (67.79 lakh bales) and Indonesia by 6 percent at 3.05 million bales (39 lakh bales).
Meanwhile, beginning stocks were marginally raised 0.3 percent to 97.03 million bales (1241.84 lakh bales) due to higher estimated production of Australia in 2015-16 at 2.85 million bales (36.45 lakh bales). This year Australia’s production is expected to increase 58 percent at 4.50 million bales (57.56 lakh bales).
World ending stocks are now projected at 90.5 million bales (1157.42 lakh bales), increased nearly 600,000 bales of 480 lb each (7.42 lakh bales) compared to previous estimates.
USDA revised India’s import raising it by 22 percent at 2.20 million bales (28.14 lakh bales) while export is expected to marginally increase 2 percent at 4.50 million bales (57.56 lakh bales).
Whereas, US exports are raised by nearly 4 percent to 13.2 million bales (169 lakh bales) based on recent very strong sales and shipments. U.S. exports are projected to capture nearly 37 percent of world trade, a 7-year high. Ending stocks are lowered 300,000 bales to 4.5 million (57.56 lakh bales). The projected range for the marketing year average price received by producers of 67.0 to 70.0 cents per pound is reduced 1 cent on the upper end, as the reported average price for January fell below previous expectations.
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(By Commoditiescontrol Bureau; +91-22-40015534)
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