Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cotton Group Cuts Forecasts for Global Output, Inventory

March 1 (Bloomberg) -- The International Cotton Advisory Committee cut its forecast for global production by 2.8 percent, reducing estimated inventory by 0.8 percent.

Output in the 12 months starting Aug. 1 will be 22.56 million metric tons, compared with last month’s estimate of 23.2 million, the Washington-based group said today in a report. Stockpiles will be 15.77 million, down 0.8 percent from the February projection.

Consumption was estimated at 23.79 million tons, down 1 percent from a month earlier.

Cotton for May delivery rose 0.1 percent to 85.4 cents a pound today on ICE Futures U.S. in New York. This year, the price has climbed 14 percent, the most among 24 raw materials in the Standard & Poor’s GSCI Spot Index.

State reserves in China, the world’s biggest grower and consumer, expanded “at a ferocious rate” of almost 6 million tons from September to January, the committee said.

The U.S. is the top exporter.

To contact the reporter on this story: Marvin G. Perez in New York at mperez71@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.