Global cotton production for 2018/19 is forecast up, on larger crops in the United States, Argentina and Turkey, partially offset by lower production in Uzbekistan and Australia, the United States Department of Agriculture (USDA) said in its latest world agri report.
It said trade is projected higher with larger India and West Africa exports supporting greater imports for Pakistan and Indonesia.
“Higher imports for both countries underpin slightly higher global consumption. U.S. production, exports, and carry in are raised. Stocks are higher,” the report said.
The U.S. season-average farm price is unchanged at 75 cents per pound.
For 2017/18, production is marginally lower due to a smaller estimated crop in Australia, while use is higher driven by Pakistan and Indonesia.
Global trade, the report said, is slightly up with greater imports in Pakistan and Indonesia driving higher exports in India and West Africa. The U.S. balance sheet reflects higher stocks; on lower use and exports The U.S. season-average farm price is unchanged at 68 cents per pound.