US Department Of Agriculture Downgraded U.S. Cotton Output And Export Scale In January
On Monday, the US Department of agriculture unexpectedly cut the US cotton output forecast for 2008-09. Analysts say the US cotton output cut made the January report less favorable than expected.
The United States Department of agriculture also lowered its expected cotton exports in 2008-09, because the world's cotton consumption continued to decline. The Ministry of agriculture revised the world cotton output and world cotton consumption, but the inventory adjustment at the beginning of this year exceeded the expectations of analysts.
The United States Department of agriculture reduced the US cotton output from 2008 to 09 to 13 million 40 thousand packs, lower than the 13 million 610 thousand package reported last month, and the reduction was unexpected. Analysts expect an average yield of 13 million 590 thousand bales.
Dezhou's output was downgraded in 2008-09. Dezhou is the largest cotton producing state in the United States. Dezhou's output was locked up by the Ministry of agriculture in 4 million 600 thousand packs, down from 5 million 100 thousand packages reported last month. The United States Department of agriculture also revised the Dezhou cotton yield estimate to 649 pounds / acre, down from 731 pounds last month.
The US Department of agriculture has cut US exports of cotton to 12 million bales, down from the 12 million 250 thousand package forecast last month. Market analysts forecast an average export volume of 12 million 50 thousand bales. Due to the current global economic crisis, tight credit and reduced household expenditure, textile consumption will also be reduced accordingly.
The US Department of agriculture locked in 2008-09 cotton consumption in the United States was 4 million 200 thousand packs, lower than the 4 million 300 thousand package reported in December.
世界棉花數據基本符合市場預期。美國農業部把世界年初庫存預期調整至 6231 萬包，低于12月報告預估的 6135 萬包。
The US Department of agriculture revised the world cotton consumption estimate to 115 million 240 thousand bales in 2008-09, lower than the estimated 116 million 590 thousand package in December. Cotton consumption in China, India, Pakistan and the United States has been cut down because global textile demand is sluggish.
The US Department of agriculture cut the world cotton production estimate to 109 million 840 thousand packs, down from the 111 million 560 thousand package reported last month.
The US Department of agriculture predicted that India's cotton output in 2008 to 2009 was 23 million packs, lower than the 24 million package reported in December. India is the second largest cotton producing country in the world. Analysts had expected that India's output would be lowered because India cotton arrived slowly.
The United States Department of agriculture has also cut the number of cotton exports in India, down from 5 million packages reported in December to 4 million packages. The lowest supporting price of cotton in India has raised domestic cotton prices.
The US Department of agriculture downgraded China's cotton import forecast in 2008-09 to 7 million 500 thousand bales, down from the 9 million package reported last month. China is the world's largest cotton importing country and textile producing country, and the slowdown in textile demand has led to a decline in China's cotton imports.
Due to the adjustment of world cotton data, the US Department of agriculture has raised the 2008 to 09 world cotton ending inventory to 59 million 400 thousand packs, higher than the 58 million 770 thousand package reported in December.
Analysts said the January report's negative color was lower than expected, but it was not positive.
Editor: vivi
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