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World cotton consumption to be record high in 2019-20

International Cotton Advisory Committee forecasts world cotton consumption to reach a record high level of 27.3 million tonne in 2019-20. This is an increase of 1.4 per cent compared to the previous season. Global production, during the period, will increase to 27.6 million tonnes, an increase of 5.7 per cent compared to the previous season. This forecast is supported by a six percent rise in global yields to 817 Kg/ha.

The ICAC says price model, the Cotlook A Index will average 81.25 cents per pound in the upcoming season. The Cotlook A Index reflects the price movements of raw cotton, with a focus on deliveries in Asia. The ICAC’s projection would be lower than the Cotlook A Index of 88 cents/lb in 2018/19 and 83 cents/lb in 2017/18. The CIF Bremen price index for cotton on the European northern continent stood at 88.85 US cents/lb on 3 April. The CIF Bremen index reflects the daily value of cotton and is published by the ‘Committee for Standards, for the Determination of Value Differences and for Price Quotations’ at the Bremen Cotton Exchange.

Increases in worldwide acreage and production are also expected in 2019/20 as farmers, especially in the United States, China, India and Pakistan respond to favorable cotton prices compared to competing crops.