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Us cotton market waits for signal from china

Us cotton market waits for signal from china Source:
Date: 31-01-2013
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US cotton growers produced 17 million bales in 2012-2013 growing season with prices holding steady in the 80-cents-per-pound range. U.S. growers exported 12.2 million of those bales. According to the National Cotton Council of America, demand from China is the main factor that affects the global cotton market.

Currently, cotton growers in South Carolina have seen prices drop from US$2 per pound about three years ago to around 80 cents per pound today. Meanwhile, worldwide cotton production has jumped significantly during the last two years, creating uncertainty in the market.

Gary Adams, Vice President for economics and policy analysis of the National Cotton Council of America, noted that about half of the world’s cotton stock is held in China, with the rest scattered around the globe. China is the largest consumer and importer of cotton and the driving force behind the stockpiling. “With exports the biggest unknown, the market seems to be waiting for a signal from China on what it plans to do,” Mr Adams said.

He added that worldwide production totaled 118.8 million bales in the 2012-2013 growing season. Meanwhile, the US Department of Agriculture estimates worldwide demand will be 106.1 million bales. It also projects 81.7 million bales are held in stock, and that could prove to be a significant number. In 2009-2010, that number was less than 47 million bales.
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