USDA forecasts higher global cotton supplies

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Mumbai- The US Department of Agriculture (USDA) revised global cotton ending stocks for 2011-12 upward at 60.77 million bales in its February report from 58.35 million bales estimated in January on higher beginning stocks and production..

The 2011/12 world cotton estimates include sharply higher supplies, due to higher beginning stocks and production. Beginning stocks are raised 1.6 million bales, mainly reflecting increased estimates for India’s production in 2009/10 and 2010/11 by the India Cotton Advisory Board. World 2011/12 production is raised 505,000 bales due largely to higher estimated production for Pakistan, which is based on ginning arrivals. Forecast world consumption is reduced slightly, including decreases for Thailand, the United States, and  others. World trade is raised, due to a 1.0-million-bale increase in the import forecast for China. World ending stocks are now forecast at 60.8 million bales, an increase of nearly 14 million bales from the beginning level. The stocks-to-consumptionratio of just over 55 percent is sharply higher than the past two seasons and about equal to the 2008/09 level.

USDA forecasted global opening stocks of 46.99 million bales versus 45.35 million bales in February, production of 123.34 million bales compared to 122.84 million bales, consumption of 109.71 million bales versus 109.99 million bales, exports of 37.42 million bales compared to 36.52 million bales and ending stocks of 60.77 million bales versus 58.35 million bales in January.

USDA revised production import estimate of China by one million bales and exports of India by 250,000 bales.

Source: http://www.moneycontrol.com/commodity/comm_news.php?autono=4069&type=SPR

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