ICE COTTON TRADES SIGNIFICANTLY HIGHER AFTER SURPRISE USDA ACREAGE REPORT, JULY WASDE RELEASE ON FRIDAY
July 06, 2020
The ICE Dec cotton contract surged over the holiday-shortened trading week, gaining 345 points for the week ending July 2 to finish at 62.95 as the Dec – Mar switch weakened modestly to (72), which remains far less than full carry. In early trading this week the Dec contract has closed a nearby gap on the continuation chart just south of 63.40, but evidence of selling is emerging.
• December Futures Move Higher as July Futures Close • USDA’s Acreage and Prospective Plantings Reports Show Variance • Crop Condition Categories a Mixed Bag Throughout Cotton Belt
Market Movement from 29th Jun 2020 to 04th Jul 2020
• On Tuesday, USDA released the Acreage Report, which is meant to reflect what producers actually planted this year the report was a shocker for the cotton market. In most years, the Acreage and Prospective Plantings Reports have little variation. Whereas this year the Prospective Plantings was anticipated 13.70 million cotton acres, whereas the Acreage Report reported only 12.19 million acres of planting, 11% drop.
Speculators have taken the futures market hostage and may boost prices even higher given the current momentum and money flows. In doing so NY futures are divorcing themselves further from the cash market. Unfortunately, there is no way for the cash market to reign in futures prices until the next notice period rolls around, which won’t be until November.
This week’s USDA Acreage report was a shocker. USDA’s first estimate of 2020 actual cotton acres planted is 12.185 million acres—down 11% from last year. Back in March, USDA’s Prospective Plantings report estimated that acres planted would be 13.7 million acres—essentially unchanged from 2019.
COTTON MARKET FINISHES A BIT LOWER AHEAD OF ACREAGE REPORT, US HOLIDAY
June 29, 2020
The ICE Dec cotton contract gave back 31 points for the week ending June 26 to finish at 59.50 as the Dec – Mar switch strengthened modestly to (66), less than full carry. Last weekend, our proprietary model (timely results provided in our complete weekly report) predicted a finish that would be near unchanged to higher Vs the previous Friday’s settlement, which proved to be incorrect, depending upon one’s definition of “near unchanged”.
• Demand Continues to Weaken Outside China and Vietnam • Cotton Planting Almost Finished, 27% U.S. Crop Squaring • USDA Acreage Report to be Released Next Week
USDA’s Acreage report, the first estimate of actual acres planted, will be out next week on Tuesday, June 30th. USDA’s Prospective Plantings report back at the end of March said that farmers intended to plant 13.7 million acres of cotton this year—down less than 1% from last season and higher than expected by most industry observers and analysts.
It is not a pretty picture. You may not want to read this. I do not have a solution. The only bullish marketing news for cotton is a backhanded slap at other row crops.
Fundamentals remain bearish, with too much cotton around the globe looking for a home. West Texas received some much needed rain earlier this week, which has improved crop conditions. This leaves China as the main element of support and while the US balance sheet is the best looking among origins, we are not sure that it will be enough to hold prices up if Brazil, WAF and India are cutting theirs.
1. EUROPE AND US RETAIL OPENING SUGGEST SLOW REVIVAL IN DEMAND
2. ITMF ANNUAL SURVEY ON CONTAMINATION CONFIRMS: AUSTRALIA AND US HIGHEST QUALITY WHILE ARGENTINE, GREECE, SOUTH AFRICA, BURKINA FASO AND MEXICO SHOW MAJOR IMPROVEMENT
3. US RETAIL SALES REBOUND STRONGLY IN MAY
4. INDIAN EXPORT SALES SLOW DESPITE DISCOUNTS
5. US TRADE REP LIGHTHIZER CONFIRMS CHINA HAS BOUGHT ONE BILLION USD OF US COTTON AND HAS HIGHER TARGETS
WEST TEXAS RAINS, DISAPPOINTING EXPORT SALES, OTHER FACTORS COMBINE TO CAP COTTON MARKET
June 20, 2020
The ICE Dec cotton contract picked up 78 points for the week ending June 19 to finish at 59.81, with the Dec – Mar switch weakening to (75), which is still far less than full carry. Last weekend, our proprietary model (timely results provided in our complete weekly report) predicted a finish that would be near unchanged to higher Vs the previous Friday’s settlement, which proved to be correct.
Market Movement from 15th Jun 2020 to 20th Jun 2020
• NY July contract on expiry and first notice day on next Wednesday. Roll over to December contract by funds and specs give some liquidity to the July contract. July contract open interest is significantly down and in next week it will be very low. During this week due to limited certified stock July gained 172 points and now front month December gained 78 points. Leaving July December invert to 175 points.
China continues to step up to the plate as sales improve and shipments flow. Better still, cotton futures featured a week of higher highs and higher lows.
So, the bulls are hoping for continuing strong export sales. Likely, however, this week’s market excitement resulted from simply trading within the trading range.
It will be interesting to see what happens when July goes into the delivery period next week. A squeeze is still possible, as shorts are slow to get out of harm’s way and there seem to be willing takers. A final push higher in July would probably drag December with it and we could see new crop values trade in the low 60s over the coming week.
A cyclonic circulation is over East Uttar Pradesh and adjoining area. Another cyclonic circulation is over Central Pakistan. A trough is extending from central Pakistan to Bangladesh across Rajasthan, South Uttar Pradesh, Jharkhand and West Bengal in lower levels. A cyclonic circulation is over central parts of Assam. A cyclonic circulation is over south Konkan. A shear zone is extending from this cyclonic circulation to Chhattisgarh across North Interior Karnataka and Telangana.
COTTON MARKET OFF NOTICEABLY POST BEARISH WASDE RELEASE
June 14, 2020
The ICE Dec and July cotton contracts each gave back 195 points for the week ending June 12, with the July – Dec switch inversion, of course, remaining unchanged at 81. Last weekend, our proprietary model (timely results provided in our complete weekly report) predicted a finish that would be near unchanged to lower Vs the previous Friday’s settlement, which proved to be correct. We did trade this bias ahead of the WASDE report’s release.
Market Movement from 08th Jun 2020 to 13th Jun 2020
• NY July and December both futures lost 195 points W/W leaving December 81 points invert to July future. Bearish equity market lead commodity also in red. Despite excellent sales just below 4 lakh market ignored and closed in red.
• WASDE report was also bearish. World cotton balance sheet for both current and next year shows decreasing consumption and rising ending stock.
JULY COTTON REACHED HIGH OF 62.32 CENTS BEFORE GIVING BACK GAINS
• Export Sales Report Shows Net New Upland Sales of 399,600 Bales • June WASDE Report Released • U.S. Cotton Crop 78% Planted • Weather Impacting Crop Conditions Across Cotton Belt
China steps up. Great export sales. Bearish price response. USDA’s supply demand report was loved by the bears.
Just when I begin to feel that I am smart, the cotton market reminds me that I am but a mere mortal. Yet, it is so gracious, it invites you back for more education.
Markets Finds New Upward Resistance Point, New Bottom
June 12, 2020
The remaining outlook for old crop and near-term outlook for new crop grew dimmer this week with release yesterday of USDA’s supply/demand numbers/projections.
We’ve still got a long way to go with new-crop, but yesterday’s numbers raise some caution flags.
While July may play out its mini-squeeze with the help of China, the market can’t ignore the massive increase in ROW stocks and the much slower than anticipated economic recovery. We are already seeing considerable basis pressure in outside growths and we don’t believe that China will be able to shield US new crop values from that.
The most significant revision to this month’s U.S. cotton supply and demand estimates is a 200,000-bale decrease in 2019/20 mill use, to 2.5 million bales. U.S. mill use in 2020/21 was also revised downward by 100,000 bales, and ending stocks are now projected at 7.3 million bales in 2019/20 and 8.0 million bales in 2020/21. While the 43 percent stocks-use ratio projected for 2020/21 is marginally higher than the year before, and is substantially above recent levels, it would still be below the 55 percent ratio realized in 2007/08.
Global consumption for 2019/20 is expected to be 23 million tonnes, an 11.3% decrease from the previous season. With global production expected for 2019/20 at 26.2 million tonnes, a 2% increase from the previous season, ending stock levels are expected to increase to 21.75 million tonnes, the highest level in the past five seasons.
COTTON MARKET SOARS AMID DEPRESSED DEMAND, MARKET BEING SQUEEZED?
June 07, 2020
ICE July cotton soared for the week ending June 5, with the July and Dec contracts gaining 420 and 350 points to finish at 61.79 and 60.98, respectively, with the July – Dec switch inversion strengthening to 81 points. Last weekend, our proprietary model (timely results provided in our complete weekly report) predicted a finish that would be near unchanged to lower Vs the previous Friday’s settlement, which proved to be wrong.
The cotton market finally put a little pep in its step this week and moved to the very top of its 55-60 trading range and is now threatening a new higher resistance level in the 62-63 cent area.
The futures market has become the best buyer at 60 cents and as a result we have seen a rise in the certified stock, which we expect to grow further as we approach First Notice Day in about three weeks from now. There are a lot of current crop commitments being cancelled and some of that cotton will end up on the board.
• Gujarat ginners and spinners resumed partial operation after relaxation in lockdown. Month started with some higher rate and declined fast in the first week itself.
• NY July is lead month for old crop and NY December is first month to hedge new crop and roll over of old crop hedging. July-Dec spread was in full carry at the start of the month but towards the end of the month it became inverse. It shows that next year will start with huge opening and traders are not in a mood to go Bull on new crop.
The military command of “March in Place” remains the standard order for the cotton market. Pricing movement through the week remained limited and non-aggressive, yet nothing happened.
Trading volume did little more that create a big yawn, but the cotton market continues to perform more favorably than either the soybean or corn futures markets.
JULY COTTON FINISHES NEAR UNCHANGED ON WEEK AND MONTH, US PLANTED AREA SHOULD PROVE SIGNIFICANTLY LOWER VS USDA PROJECTION
May 31, 2020
ICE July cotton finished near unchanged for the abbreviated trading week, giving up 2 points to finish at 57.59. The July contract picked up 26 points for the month of May. Dec lost 33 on the week at 57.48, as the July – Dec switch strengthened to an inversion of 11 points.
Not much has changed since last week, as the fear of a July squeeze is still supporting the rest of the board. But fundamentals remain extremely weak and there is an abundance of cotton around the globe, which will sooner or later put pressure on physical prices. China is still the only game in town as far as US cotton goes, but with political tensions rising, the mood could suddenly turn negative.
Prices (July futures) continue in a range of mostly 54 to 59 cents. We’ve seen a decent uptrend since the most recent low of 53½ on May 5 and, with a few hiccups, since the low near 48 on April 1.
The market (July) had a chance at near 60 cents today (5/26) but fell back and closed just above 58 cents. Today’s news might be old news by the time you read this, but the point is, this could be further evidence that 59 to 60 cents might be the wall we bang our head against for now.
JULY COTTON CHALLENGES 60.00 LEVEL, RETREATS FOR LOWER WEEKLY SETTLEMENT
May 25, 2020
ICE July cotton gave up 64 points for the week ending May 22 - seriously challenging the 60.00 level only to finish at 57.61. Dec lost 36 at 57.81, as the July – Dec switch weakened to (20), still far less than full carry. Last weekend our proprietary model (timely results provided in our complete weekly report) predicted a finish that would be near unchanged to higher Vs the previous Friday’s settlement, which proved to be incorrect.
JULY FUTURES POSTED FOUR CONSECUTIVE NEW HIGHS THIS WEEK
• Slowing Rates of New Infections • China Accounted for Bulk of New Sales in Export Sales Report • Cotton 44 Percent Planted Across Cotton Belt • Planting and Weather Reports Focus Going Forward
Market Movement from 18th May 2020 to 23rd May 2020
• The market remained low during the week but the Dow Jones gained 1000 points on Tuesday as the results of the pharma company moderna tests came positive and the cotton futures gained on Tuesday. And end of week July ICE Cotton future lost with 64 points W/W.
• U.S. Export Sales were weaker compared to the last week. Shipment also slow to require to achieve target.
Cotton eased into the three-day weekend a bit unsteadily but still standing erect. The market was down on the week, but only after failing to close above its 59.50-cent resistant level.
Despite all the buying by China we feel that this bear market rally is nearing its end. Maybe there will be a final push above 60 cents in July before the show ends, but producers and traders should seize the opportunity to put on bearish hedges in new crop futures.
COTTON MARKET CONTINUES TO DEFY BEARISH NEWS AND DATA, CHINA STILL BUYING US COTTON DESPITE INCREASING TENSIONS WITH USA
May 16, 2020
ICE July cotton picked up 198 points for the week ending May 15 to finish at 58.25 while Dec gained 55 at 58.17, as the July – Dec switch strengthened – and inverted - to 8. Last weekend our proprietary model (timely results provided in our complete weekly report) predicted a finish that would be near unchanged to higher Vs the previous Friday’s settlement, which proved to be correct. However,
Market Movement from 11th May 2020 to 16th May 2020
• NY July future gained 198 points W/W with help of better export sales to China. Despite some adverse statements by President Trump, China started to fulfill phase one of Trade deal commitments. May WASDE report was bearish for both years. But current demand by China and current lower rate attract the buyers.
USDA teased the bears this week with the release of its May world supply/demand report. This was the monthly report that included both the current-year estimates (2019-20) and USDA’s first formal estimates of the upcoming season.
While the stats seemed bearish, trading has built some short-term bullishness in the price outlook, albeit probably short-lived.
We continue to believe that the market is way too optimistic about the return of demand. Central banks and governments have been plugging holes with trillions of dollars of new funding, but it won’t be enough to stave off a solvency crisis down the road. A lot of companies will eventually go bankrupt and scores of people will remain unemployed, while many scared consumers are going to bolster their savings rather than spending money on discretionary items like apparel.
The U.S. cotton forecasts for 2020/21 include larger beginning stocks, consumption, exports, and ending stocks compared with the year before. Production is forecast at 19.5 million bales—400,000 bales less than the year before, based on 13.7 million planted acres as indicated in the NASS March Prospective Plantings report.
COTTON MARKET POSTS MODEST GAINS AHEAD OF WASDE RELEASE, KSU ECONOMIC STUDY POSES DANGER TO COTTON PRODUCERS
May 10, 2020
ICE July cotton picked up 43 points for the week ending May 8 to finish at 56.27 while Dec gained 10 at 57.62 as the July – Dec switch strengthened to (135), well short of full carry. Last weekend our proprietary model (timely results provided in our complete weekly report) predicted a finish that would be near unchanged to higher Vs the previous
*Market Movement from 04th May 2020 to 09th May 2020*
• This week started with down trend due to fear of trade tension between the US and China after President Trump’s statements, but from Wednesday speculators were active for short-term profit booking. From Wednesday onwards market remained positive and finally, ICE Jul cotton future closed at 56.27 cents with 88 points gain W/W.
• China Continues to Purchase Agricultural Goods • U.S. Jobless Claims Continued to Increase Last Week • Healthy Export Sales Report • May WASDE to Come Next Week
The cotton market has that mid-August feeling that little, if anything, is occurring. That is, the market is in the doldrums. Certainly, the feeling is there and I am near guilty of believing such.
China buying has provided some excitement in recent weeks and rallied the market into the mid-to-high 50s. A lack of tenderable supplies might keep the July contract elevated, but once December takes over as the lead month, the market will have to face reality again.
Old crop July futures have now lost 3.75 cents since the recent “peak” at over 57 cents on April 30 last week. New crop December futures have declined 3.5 cents after reaching almost 59 cents on April 30.
“It now appears we will test a likely range of 52 to 57 cents until the next “mover” comes along. July should have support (keep our fingers crossed) at 52 cents and should we begin to trek up again, 58 will the hurdle to negotiate.
COTTON MARKET SURGES ON CHINESE PURCHASES, RETRACES ON CONCERNS REGARDING FUTURES US – CHINA TRADE RELATIONS
May 04, 2020
ICE July cotton picked up 21 points for the week ending May 1 to finish at 55.84 while Dec gave up 15 at 57.52. Both contracts posted large gains for the month of April. The July – Dec switch strengthened to (168), significantly short full carry.
Market Movement from 27th Apr 2020 to 02th May 2020
• NY May Future will expire on 6th May and was able to close with some gain without big deliveries. Front month July gained as well on Wednesday following rumors of Chinese buying but lost all gains on Friday with president Trump’s threat to resume trade war.
• U.S. Export sales was decent with Chinese purchase of more than 4 lakh bales but market ignored it on worries of resumption trade war.
• 3.8 Million Additional Jobless Claims This Week • Decreasing Number of New Coronavirus Cases • U.S. Export Sales Report Provided Evidence for Rumored Chinese Purchases • Crop Progress Report and Export Sales Report Next Week
The pandemic played out in the market at week’s end, but not before the new crop December futures contract moved above 59 cents – the very top of its range – before ending the week at 57.46 cents.
Looking at the US stock market one might get the impression that this virus crisis was just a blip in an otherwise healthy bull market. Nothing could be further from the truth, as stocks were already overvalued before we knew the word Covid-19 and they are now even more ridiculously overpriced.
5 Marketing Approaches In A Year With No Clear Paths
April 20, 2020
The CARES program (the Coronavirus Aid, Relief, and Economic Security Act) was passed by Congress and signed into law by President Trump on March 27th. This legislation provides over $2 trillion in economic assistance.
Market Shrugged Off Negative News – Are Its Shoulders Still Flexible?
April 20, 2020
Last week’s economic data was not kind to cotton. March retail figures indicated clothing sales were down 50 percent and home furnishings were down by 27 percent as compared to the same time one year ago. Look for April numbers to be even worse taking into consideration most stores were open for a portion of March.
The 2019/20 U.S. cotton supply and demand forecasts show sharply lower exports, lower consumption, and higher ending stocks compared with last month. A developing global economic slowdown with little precedent is expected to significantly reduce global cotton demand and trade, resulting in one of the largest one-month reductions in projected U.S. cotton exports ever: down 1.5 million bales to 15.0 million.
• First three weeks of the February month, cotton market was quite stable but in the last week there was a sharp decline in the prices due to International developments.
• Gujcot Spot Rate opened 39,650 and remained in the range of 39,200-39,600 during first three weeks of February and lost the ground to close at 38,350. S/6 29 mm lost almost 1,300 Rs. Candy M/M.
U.S. producers will plant 13 million acres in 2020
U.S. cotton producers intend to plant 13 million cotton acres this spring, down 5.5% from 2019 (based on the U.S. Department of Agriculture’s February 2020 estimate), according to the National Cotton Council’s 39th Annual Early Season Planting Intentions Survey.
Cotton Inc. Executive Cotton Update - February 2020
Executive Cotton Update - February 2020
Macroeconomic Overview: The Bureau of Economic Analysis estimates that the U.S. economy grew 2.3% in 2019. Forecasts suggest that growth could slow a little in 2020, with many projections falling between 1.9% and 2.1%. For comparison, in 2018, growth was 2.9% and in 2017 growth was 2.4%.
• NY December and March Futures traded full month in very small range. December M/M lost 4 points while March Future lost 52 points.
• During the month December touched low of 61.84 on 21-11-2019 but closed at 64.40 and on the same day March touched low at 64.01 recovered to close at 65.36.
• Roll over from December to March was crucial time and market get higher pressure during this time.
Highlights from the Inaugural Session of the 78th Plenary Meeting:
Consumers today are increasingly demanding information on the origin and history of the products they buy, putting pressure on retailers to provide transparency
Multiple technologies have the potential to provide that traceability, including blockchain and a host of products from private companies
Gujarat cotton crop is estimated as 1,06,94,302 Bales out of which 2,75,000 Bales will be of V-797 rest will be Shankar-6. Gujarat cotton crop yield is expected to rise by 32.97% and crop is expected to increase by 30.83%
we estimate total Gujarat cotton pressing to be 120-125 Lakh Bales of 170 Kg.
Most benchmark prices increased slightly over the past month. Indian prices were stable.
• The NY December futures contract rose from 62 to 64 cents/lb.
• The A Index rose from 72 to 75 cents/lb.
• In international terms, the China Cotton Index (CC Index 3128B) increased from 80 to 84 cents/lb. In domestic terms, the CC Index increased from 12,600 to 13,000 RMB/ton. The RMB strengthened against the dollar over the past month, from 7.10 to 6.99 RMB/USD (+1.6%).
Cotton Inc. Executive Cotton Update - November 2019
Executive Cotton Update - November 2019
Macroeconomic Overview: The IMF released an update to its World Economic Outlook last month. The first sentence of the report states that the global economy is in a synchronized slowdown. Correspondingly, the forecast for world GDP growth in 2019 was once again revised lower.
• NY Futures December bounced back from its low at below 57 cents in September and started October with 60.98 first day closing in better hope of resolution of US-China trade war. Although opening strength of ICE future remained well supported and market never came to that support during full month. ICE December crossed 65 cents mark in later part of the month.
Highlights from the November 2019 Cotton This Month include:
• The US-China trade war is dragging down both the global economy and international cotton trade • In 2019/20, India is projected to lead the world in production despite low yields • With production expected to grow by 1 million tonnes, and consumption projected to remain flat, prices will be under heavy pressure throughout the year
The Season 2018 -2019 started with bullish sentiment in India. Indian cotton crop was predicted 343 lakh bales at the start of the season against 365 to 375 lakh bales of season 2017-2018. Opening stock was low and mills requirement of new cotton was high. With bull sentiment season touched double top at 47,150 on 15th October at the start of the season.
Cotton Inc. Executive Cotton Update - October 2019
Executive Cotton Update - October 2019
Macroeconomic Overview: Concerns about economic growth remain. The commonly tracked producer manager indices (PMIs) released by the Institute for Supply Management (ISM) were lower in September. The manufacturing PMI, which can be a leading indicator for the overall economy, signaled contraction for the second consecutive month and posted its lowest value since 2009.
Highlights from the October 2019 edition of ‘Cotton This Month’ include:
• Global production is projected to outpace consumption slightly in 2019/20 • East Asian countries will continue to lead the world in consumption • Several major consuming countries will post consumption gains, but mostly 2% or less • High stocks and low demand for exports have driven prices to their lowest levels since 2016
Cotton Inc. Monthly Economic Letter September-2019
Cotton Market Fundamentals & Price Outlook
RECENT PRICE MOVEMENT
After falling in July, benchmark prices were stable in August and the first half of September.
• The NY December contract has held to levels near 58 cents/lb since mid-August.
• The A Index was steady near 70 cents/lb.
• In international terms, the China Cotton Index (CC Index 3128B) decreased from 88 to 83 cents/lb between early August and the present. Over the same period, the RMB eased 0.9% against the USD (from 7.05 to 7.12 RMB/USD).
Highlights from the September 2019 Cotton This Month include:
• Global production is expected to increase 5% to 26.9 million tonnes • Global consumption is projected to increase 1% to 26.9 million tonnes • The excess production will cause global stocks to swell to 18.3 million tonnes • Prices will be under increasing pressure as a result of the growing supply
Post estimates marketing year (MY) 2019/20 cotton production at 29 million 480 lb. bales (37.1 million 170-kilogram bales/6.3 MMT) with a planting area of 12.7 million hectares. MY 2019/20 mill consumption remains weak as mills accumulate greater cotton yarn stocks due to poor demand. Export prospects have diminished while imports are expected to remain stable as they are price competitive against domestic supplies.
The latest U.S. Department of Agriculture (USDA) estimates indicate that total U.S. cotton textile and apparel trade rose during the first half of 2019, compared with the corresponding 2018 period. U.S. cotton product imports totaled the equivalent of 9.0 million 480-pound bales of raw cotton during January-June 2019—compared with 8.8 million bales for the first 6 months of 2018—while cotton product exports declined slightly to 1.7 million bale-equivalents.
Cotton Textile exports reached a level of USD 739.17 million in June 2019 marking a decline of (-) 30.4 per cent against the corresponding month of June 2018, wherein exports were valued at USD 1,061.96 million.
In rupee terms, exports during the month of June 2019 reached a level of Rs. 5,132.72 cr. as against Rs. 7,199.39 Cr. in June 2018 marking a decline of (-) 28.7 per cent in rupee terms.
China cotton imports in 2019/20 are expected to surpass the previous year’s robust level, reinforcing its position as the world’s largest importer. The current 2018/19 estimate, boosted this month, is expected to be the largest in 5 years as China supplements domestic supplies amid ongoing auctions of State Reserve stocks. Despite this strong upward trend in imports, U.S. exports to China have weakened as Brazil, Australia, and other countries have expanded both exports and market share.
Looking Beyond the Uncertainties of Trade Tensions
The trade dispute between the United States and China has impacted cotton demand and supply chains over the course of the past year. On 1 June 2019, China is set to increase tariffs on $60 billion of US goods in retaliation to the US tariff increase on the remaining $200 billion worth of Chinese imports.
While corn remains the major safrinha crop for Brazilian farmers, more cotton acreage is being planted in Mato Grosso this spring, as well.
Over the past two years, cotton planting has increased by nearly one-third for the safrinha in Mato Grosso. The Brazilian Association of Cotton Producers(Abrapa) forecast cotton acreage to grow to 1.4 million hectares (3.46 million acres). Mato Grosso accounts for about 88% of Brazil’s cotton production.
Historical Revisions to Indian's Cotton Balance Sheet - USDA
Historical Revisions to Indian's Cotton Balance Sheet - USDA
Historical revisions have been made to India’s balance sheet for the years 2002/03 through 2013/14, with the stock adjustment carried forward. The revisions are based on the conclusion that market yard arrivals data underreported arrivals in the early portion of the harvest season. This conclusion was based on observed market activity in November for several years.
