World Cotton-Surplus Estimate Lowered as Demand Rises in Asia
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Global cotton stockpiles will be lower than forecast a month ago as demand increased in China, India and Bangladesh, the U.S. Department of Agriculture said.
World inventories will total 81.74 million bales in the year ending July 31, down from the February estimate of 81.86 million, the USDA said today in a report. Seven analysts surveyed by Bloomberg expected 81.61 million, on average. Global use was projected at 107.11 million bales, up from 106.24 million last month. Output will be 119.87 million bales, up from 118.95 million forecast in February.