USDA raises 2017-18 US, China cotton output estimates by 1-2%.

A rise in cotton production in the US and China has led the USDA to scale up its estimate for global production of the commodity in 2017-18 (Aug-Jul) to 121.46 mln bales from 120.86 mln bales projected in October. Cotton output in China is pegged at 25 mln bales (1 US bale = 480 pounds), up from 24.50 mln bales forecast in the previous month. Production of cotton in the US is projected at 21.38 mln bales, up from 21.12 mln bales estimated in the previous month, following higher output in the Southwest and other regions. World production is raised 596,000 bales, as larger expected crops in China and the United States offset a 200,000-bale decline in the forecast for Australia.