The ICAC joined the round of deep cuts to estimates for world cotton stocks by 840,000 tonnes to four-year low of 18.63 mt for 2016-17. Last month, USDA cut its forecast for carryout inventories in the new season by 750,000 tonnes to 19.88 mt. Cotlook has raised its forecast for the world cotton production from 96,000 tonnes to 1.3 mt for 2016-17.
Information source: www.skymetweather.com
