The world 2015/16 cotton supply and demand estimates include sharply lower production and ending stocks compared with last month, with consumption reduced slightly., the latest world agriculture supply and demand estimates report from the U.S. Department of Agriculture (USDA) said.
The report lowered global production by more than 2.0 million bales, based on updated harvest reports for Pakistan, China, India, and Turkmenistan.
“Pakistan’s crop is reduced 800,000 bales to 7.2 million, its lowest level since 1998, as falling gin arrivals indicate more extensive whitefly damage than previously expected,” it said.
World consumption was reduced nearly 500,000 bales, reflecting decreases for India, Pakistan, and the United States. Imports were raised 725,000 bales, virtually all in Pakistan, while exports were raised for India and others.
World ending stocks are now projected at 102.9 million bales, down 8 percent from the beginning level, the USDA said.