CTEI fears that the removal of a sizable portion of exportable cotton
supplies is likely to boost the world price as importers and exporters
scramble to shift fibre sourcing, possibly to the US.”/span>.So far this
marketing year, an estimated 4.4 million 480-lb bales of Indian cotton
have been shipped up to the end of March, according to CTEI. With the
latest US Department of Agriculture (USDA) forecast anticipating
exports were to have reached 6.1 million bales, this implies that
roughly 1.6 million bales already registered or shipped in the first
three weeks of April may not be shipped this marketing year, it adds.
On balance, CTEI estimates roughly one million bales are likely to be
subject to this suspension in the remaining three months of the
marketing year…If the estimate is accurate, this will
effectively remove about one in eight bales from global exportable
supplies in the next three months, CTEI believes..From
October-March, China alone imported 2.3 million bales of cotton from
India, accounting for roughly 56% of season-to-date exports of Indian
cotton, according to CTEI..