The movement of cotton price this year is rather stable compare to recent years, the number keeps between 74 to 90 cents per pound, with the impact of the U.S. government’s downward revision to global cotton production and exports estimates largely offset by a stronger dollar.
The December WASDE report from the USDA projected world consumption for 2023-24 at 1.6 million bales lower, largely due to a 1.0 million bales reduction in China. In the meantime, the world-ending stocks were forecast 900,000 bales higher in December. On the other hand, global production is forecast 540,000 bales lower than in November as reductions for the United States, Turkey, and Mexico.
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