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World Cotton Supplies More Abundant
WASHINGTON - Feb 9/06 - SNS -- World cotton production and forecast ending stocks for the 2005-06 marketing campaign are much higher than previously thought, according to the USDA's World Agricultural Outlook Board latest usage forecasts.
World beginning stocks were raised 2.5 million 480-pound bales to 54.12 million; while production was boosted almost 1.4 million to 113.75 million bales. Changes in opening stocks mainly reflect current and historical adjustments in the China balance sheet. Rapid consumption growth and anecdotal reports that government- held stocks are larger than previously estimated have resulted in increases in stock levels beginning in 1995-96.
This season's harvest in China was also boost, helping lift wold output. Higher production in China is partially offset by a reduction for Brazil and smaller adjustments for several countries, the USDA said.
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