Australia is now the third-largest cotton exporter in the world, and its 2009/10 harvest has nearly been sold out due to a sharp rise in global demand. Industry insiders say that China remains the largest consumer of Australian cotton, while global inventories are at their tightest in over two decades. This scarcity has pushed cotton prices upward, with the International Cotton Advisory Committee forecasting a 15% increase for the 2010/11 season.
The ICE U.S. Futures Cotton December contract has already climbed by 17% this year, reflecting strong market sentiment. Analysts warn that by the end of the month, Australia’s cotton stocks will be extremely low, which could further tighten supply and drive prices higher.
The 2009/10 production season, which runs from July to June, is currently estimated at 1.8 million bales—up from an earlier forecast of 1.6 million. This increase highlights the positive outlook for Australian cotton production this year.
Traditionally, Australia’s cotton is exported to major markets like China and Indonesia, but in recent months, new buyers have emerged, including Bangladesh. This diversification of export destinations signals growing international interest in Australian cotton, especially as global demand continues to outpace supply. With inventories at historic lows and prices on the rise, the outlook for the cotton market looks increasingly bullish.
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