USDA raises Jul global cotton output estimate to 120.19 mln bales
This story was originally published at 13:27 IST on 15 July 2024
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MUMBAI – The US Department of Agriculture has raised its estimate for global cotton output in July to 120.19 mln bales from 119.14 mln bales in June (1 bale = 217.72 kg) as planted area is 1 mln acres higher from that indicated in its June acreage report for crop year 2024-25 (Aug-Jul).
Global cotton consumption is seen 250,000 bales higher at 117.19 mln bales from 116.94 mln bales than last month's estimates as an increase in consumption in India and Malaysia offset reductions elsewhere, the Department of Agriculture said in the June edition of the World Agricultural Supply and Demand Estimates report.
Production in India and Brazil in 2024-25 is seen steady at 25.0 mln bales and 16.7 mln bales, respectively, the report said.
According to the 2024-25 cotton balance sheet, beginning stocks are seen at 79.31 mln bales in July, 1.7 mln bales lower compared to June with India accounting for a large portion of the reduction. Whereas global ending stocks were at 82.63 mln bales against 83.49 mln bales last month, the report said. For the global 2024-25 cotton balance sheet, production and consumption have increased, while beginning stocks and world trade have reduced.
India's imports of cotton are projected at 1.5 mln bales, unchanged from last month. However, exports are estimated at 1.5 mln bales, down from 1.9 mln bales seen last month, according to the report. The 2024-25 season average upland farm price is reduced 2 cents from the June forecast to 68 cents per pound, the report said. End
US$1 = 83.53 rupees
Reported by Taniva Singha Roy
Edited by Deepshikha Bhardwaj
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