Brazil To Overtake US In Cotton Exports For First Time
Brazil’s 2023-24 cotton season production will surpass that of the US for the first time and may also exceed in cotton exports over the US, again for the first time.
This was the analysis of a United States Department of Agriculture (USDA) October report, which did a broad review of Brazil’s cotton production from way back in 2000.
This review of USDA has lead to major changes in its ending stock numbers for both Brazil and the world market.
USDA moved Brazil’s production numbers from one crop year to the next in its harvest calendars to better align with the country’s harvest and export schedule.
USDA said that the previous month’s 2022-23 estimate of 14.4 million bales is now the basis for the 2023-24 production estimate.
Reflecting an update from the National Supply Company of Brazil, the USDA has also adjusted Brazil’s new production estimate for 2023-24 at 14.6 million bales.
The agency said it overestimated Brazil’s 2023-24 opening stocks by more than 10 million bales and so 2023-24 opening stocks as of August 1, 2023 are now estimated at 5.8 million bales, compared to last month’s estimate of 16.4 million.
