The U.S. Department of Agriculture said the November global cotton forecast shows slightly higher trade, beginning stocks, and ending stocks.
“Use and production are marginally lower. Sharply lower production in Pakistan and Turkmenistan more than offset increases in Australia, China, and Uzbekistan,” it said in its latest World Agriculture Supply and Demand Estimate (WASDE) report.
Consumption is lowered in Pakistan, the report said, adding that global trade is slightly higher on higher imports for Pakistan.
“The U.S. forecast shows marginally higher production. Yield is still projected at a record. The U.S. season-average farm price is raised 3 cents to 64 cents per pound,” the report said.