USDA pegs India 2017-18 cotton output at 28 million bales, up 6%.

The US Department of Agriculture has pegged India 2017-18 (Aug-Jul) cotton output at 28.0 million bales (1USbale=480pound), up 6% on year. Following projections of higher output, the department cut its estimate for India cotton imports by 30% to 1.75 million bales for 2017-18. India cotton exports for the next season are seen rising to 4.5 million bales, from an estimated 4.2 million bales this year. Global cotton production in 2017-18 is seen at 113.22 million bales, up from 105.88 million bales estimated for this year. Global production is expected to rise nearly 7%, despite marginally lower average yields, as area rebounds to its highest level in three years Global ending stocks of cotton in 2017-18 are estimated at 87.14 million bales, lower from 89.52 million bales in 2016-17.