World cotton output may rise to 116.7m bales: USDA
Reuters, Washington
World cotton production is expected to be 116.7 million bales in 2004/05, 1.1 million bales higher than previously estimated due in part to a bigger crop in China, the US Agriculture Department said Thursday.Global ending stocks for 2004/05 will be 46.7 million bales, or about 400,000 bales lower than last month's estimate because of stronger-than-expected demand, the USDA's Economic Research Service said in its Cotton and Wool Outlook report. Foreign consumption of cotton has rocketed in recent years, driven largely by China's expanding textile industry, the USDA said. China's cotton mill consumption will be an estimated 37.5 million bales in 2004/05 up 19 million bales since 1998/99, it said. "Consequently, China's share of foreign consumption has climbed steadily over the past several seasons from a 25 percent share in 1998/99 to an estimated 38 percent for 2004/05," it said.
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