Global cotton production in 2008-09 is expected to reduce

International Cotton Advisory Committee on Thursday (10.02) report, due to the financial crisis in the United States, cotton prices plummeted September.

September 30 Cotlook A Index (19 of the International Cotton rough in 5 minimum bid price, on average) on September 1 from the 78 cents per pound fell to 68 cents per pound.

Global cotton production in 2008-09 is expected to be reduced by 6% to 24,700,000 tons, down from last year’s 26,280,000 tons, mainly due to the competitiveness of alternative crops and cotton land. U.S. to reduce production rates, production in other countries, including Turkey, Brazil and Egypt. However, Australia and Pakistan are expected to increase production.

As the global economic slowdown, as well as the relative price of cotton, polyester high ,2008-09 World cotton mill is expected to reduce the amount of 1% to 26,000,000 tons, down from last year’s 26,390,000 tons. World exports is expected to close to 8,400,000 tons, higher than last year’s 8,360,000 tons.

Global 2008-09 cotton stocks expected to fall by 11% to 10,900,000 tons, down from last year’s 12,200,000 tons. U.S. stocks fell the most. According to the ICAC 2007 price forecast model ,2008-2009 Cotlook A Index in the average price of 79 cents per pound, up from 72.90 cents the previous year.