USDA ups India 2017-18 cotton output estimate to 29.0 mln bales.

USDA scaled up its 2017-18 (Aug-Jul) production estimate for India, the world’s largest producer of cotton, to 29.0 mln bales (1 US bale = 480 pound) from 28.0 mln bales projected in June. Ending stocks of cotton in India is seen at 13.69 mln bales in the coming season vs 13.34 mln bales estimated in June. The department has kept India export estimate steady at 4.2 mln bales, while estimate for domestic use, it has been increased to 24.75 mln bales, from 24.20 mln bales projected in the previous month. For 2017-18, cotton imports by India are seen at 1.40 mln bales, down from 1.75 mln bales. Global cotton production in 2017-18 is seen at 115.36 mln bales, against 114.73 mln bales estimated earlier, due to expectations of higher output in India and Turkey. Global ending stocks of cotton are seen at 88.73 mln bales, up from 87.71 mln bales estimated a month ago. Production of cotton in the US, the second-largest producer, has been lowered to 19.0 mln bales, from 19.2 mln bales estimated in June.