MUMBAI(Commoditiescontrol)- World cotton production is forecasted to increase 0.6 percent, in 2016-17 at 106.30 million bales of 480 lb each (1359.64 lakh bales of 170 kg each) as per the latest revision reported in the USDA World Agricultural Supply Demand Estimates(WASDE).
USDA revised India’s exports down 11.11 percent to 4 million bales(51.6 lakh bales of 170kg) while increased imports 4.5 percent to 2.3 million bales (29.42 lakh bales) leading to increase in ending stock 5 percent to 12.49 million bales (159.8 lakh bales).
USDA forecasts higher production estimates for China at 22.75 million bales of 480lb (291 lakh bales of 170kg) and Brazil at 6.70 million bales (85.70 lakh bales) which will partly offset marginal decrease in Australia’s production at 4.40 million bales (56.28 lakh bales).
Meanwhile, decline in export forecasts for India (51.16 lakh bales), Australia (49.88 lakh bales), and Uzbekistan may largely offset increases for the United States, Brazil, and Greece. World ending stocks are now projected at 90.9 million bales (1,162 lakh bales), about 400,000 bales (5.37 lakh bales) higher than previous forecast in March.
The 2016/17 U.S. cotton supply and demand forecasts show higher exports and lower ending stocks relative to last month. Production and domestic mill use are unchanged.
The export forecast is raised 800,000 bales to 14.0 million bales (179 lakh bales), based on strong export sales during March. This would be the fourth-largest volume ever for U.S. exports, accounting for nearly 40 percent of world trade. Ending stocks are now forecast at 3.7 million bales(47.3 lakh bales), equivalent to 21 percent of total disappearance.
The marketing year price received by producers is projected to average between 67 and 69 cents per pound, a reduction of 1 cent at the upper end of the range.
NOTE: Original Table Of USDA WASDE figures in 480lb.
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(By Commoditiescontrol Bureau; +91-22-40015534)
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