MUMBAI (Commoditiescontrol) - USDA cut world beginning stocks 1.02 million bales to 87.65 million for 2017-18 (Aug-Jul), lowered production 1.5 million bales (480lb each) to 119.96 million and reduced ending stocks 2.88 million bales to 88 million.
The carryout reduction was in countries outside China where ending stocks were lowered to 48.33 million bales, still up 9.1 million from beginning stocks.
World production fell 1.5 million bales on the month to 119.96 million as reductions for Pakistan, India, Burkina Faso, Argentina and Australia were only partially offset by increases in Turkey and Central Asia.
World consumption is forecast to grow at a 4.2 percent annual rate in 2017-18, more than double its long-run level. Projected world ending stocks are 2.9 million bales lower this month than in November, and at 87.9 million bales are now forecast marginally higher than the year before.
The crop in India, the top world producer, declined 500,000 bales to 29.5 million bales. However, imports were kept flat at 1.6 million bales, but raised consumption by 250,000 bales to 24.75 million bales.
For US, 2017-18 cotton forecasts include higher exports, slightly higher production, and lower ending stocks. Production is raised 63,000 bales as increases in the Southwest are largely offset by decreases in other regions.
Domestic mill use is unchanged, but exports are raised 300,000 bales due to reduced production in other countries. Ending stocks are now projected at 5.8 million bales, 200,000 lower than forecast in November, but more than double their 2016/17 level. The forecast range for the marketing year average price received by producers is raised 3 cents at each end, to a midpoint of 66 cents.
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(By Commoditiescontrol Bureau; +91-22-40015533)
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