Development And Reform Commission: Cotton Prices Will Remain High
Recently,
Development and Reform Commission
A report released said that the price of wheat and soybeans in the late international market is expected to continue to fall from the current high level, but cotton prices are likely to continue to operate at a high level.
The report points out that this time
international market
Wheat, soyabean and cotton prices rose sharply, mainly due to Russia and other major soybean producing areas in the United States encountered hot and dry weather, Pakistan suffered serious flooding, causing the market for next year's wheat, soybean and cotton production concerns, and speculative funds to push up prices.
From the late trend, the report considers natural disasters to Russia wheat and Pakistan.
Cotton yield
Although there is a greater impact, but due to the supply of sufficient wheat and soybeans worldwide, the market price may continue to decline in the future, and cotton will remain high because of insufficient production and inventory decline.
According to a report released by the US Department of agriculture, the global wheat production in 2010/11 decreased by 5.08% to 6.46 million tons compared with the previous year. The end inventory decreased by 9.9%, but it still reached 1.75 billion tons. It was at second high inventory level, and the inventory consumption ratio reached 26.3%, much higher than that of the safety level line, which will inhibit the continuous rise of wheat prices in the later period.
In addition, the NDRC report also pointed out that, from a global perspective, the global cotton output in 2010/11 is expected to grow by 3 million 200 thousand tons to 25 million 440 thousand tons, but as the consumption increased by 690 thousand tons, the output in that year was still below 880 thousand tons of consumption, and the fourth consecutive year's output was insufficient, so that the end of the global storage fell by 9 million 930 thousand tons, hitting a 7 year low. This is expected to affect the high price of cotton in the late stage.
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