USDA ups India 2017-18 cotton crop estimate by 1 mln bale to 30 mln.

USDA has raised its production estimate for India’s 2017-18 (Aug-Jul) cotton crop to 30.0 mln bales (1 US bale = 480 pound) from 29.0 mln bales projected in August. Season ending stocks in India are seen at 14.6 mln bales, again higher than about 14.1 mln bales estimated in August. The department has lowered India’s export estimate to 4.2 mln bales from 4.3 mln bales, while domestic consumption estimate is steady at 24.5 mln bales. For 2017-18, India’s cotton imports are seen at 1.3 mln bales, unchanged from previous estimate