The United States Department of Agriculture (USDA) has lowered its forecast for 2018/19 global Cotton ending stocks by 4 percent this October to 74.45 million bales as lower production and sharply lower beginning stocks offset marginally smaller consumption.
Stocks are lowered mainly in India, as revisions are made to production, consumption, and loss over 2002/03-2013/14 to better reflect Indian government data (consumption) and the impact of shifting producers marketing patterns.
Production forecasts are lowered for Australia, and raised for Greece and the United States. Consumption and imports are lowered for Turkey.
Global beginning stocks are lowered 2.9 million bales and ending stocks are lowered 3.0 million bales. Ending stocks in 2018/19 are down 6.4 million bales from last year, largely reflecting an expected 8.2-million-bale decline in China.