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Saturday, February 24, 2024

2023-24 world cotton stocks to be highest in 83 years

Global cotton reserves in the 2023-24 season will be the highest ever forecast in the 83-year history of the International Cotton Advisory Committee (ICAC) data collection.

ICAC has forecast that world cotton production in 2023-24 will rise by 3 percent to 25.41 million tons, while usage is projected to decline 0.43 percent to 23.35 million tons. In the light of the above data, ICAC projected that global stocks will soar 10 percent, after a 9 percent
increase in 2022-23 season to 23.32 million tons.

In a press release, ICAC said that this level of global reserves is the highest ever projected in the 83-year history of ICAC data collection on cotton,” ICAC said in a press release. Cotton stocks of the world’s biggest consumer of cotton, China are expected to ascend to 9.16 million
tons, while those of the worlds stocks are forecast to be 14.5 million tons in the 2023-24 season. ICAC expects the global stock-to-use ratio to rise to 1.00 for around 12 months of mill use and the global average yield in 2023-24 is forecast to stay stable at 771 kg per hectare. The cotton body added that with this amount in reserve, it expects Cotlook A-Index will stay between 85 and 95 cents per pound for the rest of the 2023-24 season.

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