Global cotton production expected to exceed 112.96 million bales: WASDE

The US Department of Agriculture (USDA) raised its prediction for global cotton production by 130,000 bales of 480 pounds to 112.96 million bales in its most recent report, released last week. The world cotton production was estimated at 112.82 million bales in the February 2024 report.

According to the World Agricultural Supply and Demand Estimates (WASDE) report, global cotton imports rose from 42.88 million to 43.23 million bales.

According to the research, domestic consumption is expected to climb to 112.94 million bales this month, up from 112.46 million bales in February 2024. Cotton exports are expected to reach 43.26 million bales, up from 42.87 million bales last month. 

However, global ending stocks are expected to fall to 83.34 million bales in March 2024, down from 83.70 million bales.

Cotton production in the United States was estimated at 12.10 million bales, down from 12.43 million bales the previous month. 

However, cotton exports from the United States remained consistent at 12.30 million bales. 

The outbound shipments from the United States provide guidance for the worldwide cotton market.

Lower crops in the United States and Argentina countered a 500,000-bale rise in India, resulting in higher global production. 

Global consumption is about 500,000 bales higher, as advances in China and India outweigh lower predictions for Turkey and a number of smaller nations.

World commerce is about 400,000 bales higher, with China's 2023-24 imports increasing by 900,000 bales, more than offsetting lower projections for Turkey and other smaller nations. India, Australia, and Turkey are all expected to increase their exports.

21/03/2024 02:30pm