USDA ups India 2017-18 cotton ending stock estimate to 13.3 million bales.

USDA has scaled up its estimate for ending stocks of cotton in India for 2017-18 (Aug-Jul) to 13.34 million bales (1USbale=480pound) from 13.24 million bales projected in May. Global ending stocks of cotton for 2017-18 are seen at 87.71 million bales, up from 87.14 million bales estimated a month ago. The department has kept its estimate for the world largest producer of cotton, India year-to-July 2018 crop unchanged at 28.00 million bales, while it has lowered its forecast for exports to 4.2 million bales from 4.5 million bales estimated in May. Global cotton production in 2017-18 is seen at 114.73 million bales, against 113.22 million bales estimated earlier, due to higher output in Pakistan, China, and Mexico. For 2017-18, cotton imports by India are seen at 1.75 million bales, unchanged from the previous estimate.