USDA Slightly Hikes 2023-24 Cotton Production To 13.5mn Bales
The United States Department of Agriculture (USDA) has slightly increased its 2023-24 cotton production outlook to 13.5 million bales in its November report.
This has been done as higher production in Afghanistan, Argentina, the United States, and Paraguay more than offset lower crops in Spain and Mexico.
Production is forecast at a record for Afghanistan and a 10-year high for Argentina.
Consumption is lowered 500,000 bales to 115.3 million bales due to lower use in the United States, Turkey, and Vietnam.
This is mostly owed to lower-than-expected trade in the first quarter of the marketing year.
Global trade is mostly unchanged from last month at 43.3 million bales. Higher imports for China more than offset lower volumes for Vietnam and Turkey.
Global ending stocks are up 1.6 million bales to 81.5 million and due to a projected increase in China’s government reserves, higher US production, and lower India exports.