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China: Cotton Planting Declines
05 March 2012
CHINA - Several surveys conducted in China show MY 12/13 cotton planting area intentions are lower than previous years following lower profits for MY (marketing year) 11/12 crop and sluggish demand from a recovering domestic textile industry.
China has been supporting the domestic floor price of RBM19,800/MT with purchases for state reserve and believed to be supplementing stocks with imported cotton as well.
China’s National Statistics Bureau (NSB) announced MY11/12 domestic cotton production is 6.6 MMT based on planted area of 5.04 MHa, up 10.7 percent and 190,000Ha, respectively, over the previous year.
China maintains a cotton reserve as a means to regulate domestic cotton supply/demand and protect domestic farmer’s income.
China’s state cotton reserves fell to a low level in 2011 after the government released a large portion of its reserve to curb a historic price spike.
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March 2012
TheCropSite News Desk
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