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For 2017-18 Cotton marketing season, the US department of agriculture (USDA), in its June forecast, has upwardly revised global production from 113.2 million bales to 114.7 million bales, or about 1.3%. In combination with some slight revisions in the current and previous crop years, production is forecast to grow 8.2% over the previous year. The projected increase in Cotton output is due to price-driven area increases for most major Cotton producers, and significant improvements in the outlook for a few countries, namely Pakistan, China, and Mexico, the USDA said in its monthly report. The forecasts show an upward revision for consumption growth from 2.2% last month to 2.6%. Forecasts for China, India, and Pakistan were all raised appreciably, boosting the forecast growth rate for consumption without greatly increasing forecast demand for imports, especially as China and Pakistan have larger forecast 2017-18 production, and thus comparatively ample expected supplies. The consumption revision, however, is smaller than the upward revision to global production, resulting in higher forecast ending stocks. World Cotton ending stocks for 2017-18 were projected at 87.7 million bales, up from the previous forecast of 87.14 million bales.

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