US cotton output continues to increase, global stocks drop sharply

According to the US Department of Agriculture's October global production and demand forecast, US output increased slightly in 2018/19, export volume decreased, and end-of-life inventory rose annually. U.S. cotton production increased by 81,000 bales, and increased Texas production offset declines in Georgia and North and South Carolina.
Domestic cotton consumption in the United States has remained unchanged, and exports have been reduced by 200,000 to 15.5 million bales, owing to a reduction in global import and consumption forecasts.
U.S. end-of-term inventory is expected to be 5 million packages, with a 26% inventory-to-consumption ratio, higher than last month's forecast and the highest level since 2015/16. The average farm price in the US is 73 cents, down by 2 cents.
Globally, the decline in consumption was offset by a decline in cotton production and a sharp decline in initial stocks, with global end-of-year stocks falling by 4 per cent annually.
The end of the India stock reduction is due to the revision of 2002/03-2013/14's historical data. Australia's output has been reduced, Greece and the United States have increased, Turkey's consumption and import have been reduced, global inventory has been reduced by 2.9 million bales at the beginning of the period and 3 million bales at the end of the period, a decrease of 6.4 million bales over the same period of last year, mainly due to the decrease of 8.2 million bales at the end of the period in China.