BEIJING, June 12 (Reuters) -China's agriculture ministry raised its forecast for cotton imports in the 2023/24 crop year by 200,000 metric tons in its June outlook, a government crop estimates report showed on Wednesday.
Cotton imports during the season is seen higher at 3 million tons after higher than expected arrivals due to a longstanding price difference between domestic and imported cotton, according to Chinese Agricultural Supply and Demand Estimates (CASDE) report.
As a result, the forecast for cotton stocks at the start of the upcoming 2024/25 crop year was raised by 2.56% from its previous estimates to 8.02 million tons.
The ministry kept its 2024/25 forecast for corn and soybeans unchanged.
Source: Reuters