USDA revises 2023-24 global cotton ending stocks estimate downward to 83.08 million bales

NEW DELHI, April 11 - In its latest April 2024 report, the US Department of Agriculture (USDA) has scaled down its forecast for global ending stocks in 2023-24 to 83.08 million bales (1 US bale= 218kg), compared to 83.34 million bales projected in March 2024.
The global cotton supply and demand estimates for 2023/24 show higher trade and lower ending stocks compared with last month. World production and consumption are mostly unchanged.
World trade for 2023/24 is projected 700,000 bales higher this month to nearly 44 million, as a 1.3-million-bale increase in China’s imports is only partially offset by reductions for Pakistan and Indonesia.
Brazil, Australia, and Turkey exports are all projected higher. Ending stocks for 2023/24 are projected down nearly 300,000 bales this month as lower stocks across West Africa, Australia, and Brazil more than offset higher supplies in China.
The U.S. 2023/24 cotton supply and demand projections are unchanged this month, with ending stocks forecast at 2.5 million bales or 18 percent of total disappearance.
The marketing year price received by upland cotton producers is projected to average 76 cents per pound, a decrease of 1 cent from last month.
USDA- 2023-24 (April 2024) vs 2022-23 (In Million 480-Pound Bales)
WORLD
Opening Stock- 82.61/76.32
Production-112.92/116.15
Import- 43.94/37.68
Consumption-112.82/111.22
Export- 43.97/37.04
Ending Stock- 83.08/82.61
INDIA
Opening Stock-11.82/8.40
Production-25.50/26.30
Import-1/1.73
Consumption-24/23.50
Export-2.10/1.10
Ending Stock-12.22/11.82
US
Opening Stock-4.25/4.05
Production-12.10/14.47
Import 0.01/
Consumption-1.75/2.05
Export-12.30/12.77
Ending Stock-2.50/4.25
CHINA
Opening Stock-37.40/38.06
Production-27.50/30.70
Import-14.20/6.23
Consumption-38/37.50
Ending Stock-41.05/37.40
BRAZIL
Opening Stock-5.76/3.88
Production-14.56/11.72
Consumption-3.30/3.20
Export- 11.70/6.66
Ending Stock-5.33/5.76
PAKISTAN
Opening Stock-1.53/1.93
Production-6.70/3.90
Import- 3/4.50
Consumption-9.50/8.70
Export-0.10/0.10
Ending Stock-1.63/1.53
BANGLADESH
Opening Stock-1.73/2.28
Production-0.16/0.15
Import-7.50/7
Consumption-7.80/7.70
Ending Stock-1.59/1.73 VIETNAM
Opening Stock-1.05/1.02
Import-6.80/6.47
Consumption-6.80/6.45
Ending Stock-1.05/1.05

AUSTRALIA
Opening Stock-4.77/4.96
Production-4.80/5.80
Export-6/6.17
Ending Stock- 3.76/4.77