Australia raises cotton forecasts as global production falls
18/06/2013
Exports are estimated to total 988,000 metric tons in the year starting July 1, up from the 924,000 estimated in March, according to the Australian Bureau of Agricultural and Resource Economics and Sciences.
“The forecast cotton production in 2013-14 is expected to be supported by plentiful supplies of irrigation water and favourable gross margins compared with alternative irrigated crops,” it said.
Global cotton production is forecast to drop slightly from a record 27.8 million tons in 2011-12 to 26.4 million tons in 2012-13, and to 25 million tons in 2013-14, according to the Cotton Advisory Committee.
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