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Larger World Cotton Harvest
WASHINGTON - Oct 12/07 - SNS -- World production in 2007-08 is raised nearly 3% to 120.26 million 480 pound bales, according to the latest supply and demand forecasts from the USDA's World Agricultural Outlook Board.
The increase reflects larger crop estimates for China, the United States, and Brazil, partially offset by reductions for Iran, Australia, Uzbekistan, and others.
World consumption is 1.3% higher, as China's consumption for 2007-08 is raised 1.5 million bales to 55.0 million based on the NDRC's estimates and other evidence of continued strong consumption growth. World ending stocks are raised nearly 7% from last month or 3.5 million bales, but are still down 9% from beginning stocks.
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