Reviewing the performance of major cotton-producing countries from 2003-04 to 2013-14, the ICAC said in a statement that overall cotton planting in the Northern Hemisphere for 2013-14 is progressing well. An estimated 29.8 million hectares is forecast for cotton planting in 2013-14. As a result, global cotton production is predicted to drop from a record of 27.8 million tons in 2011-12 to 26.4 million tons in 2012-13, and to 25 million in 2013-14.

Cotton planting in China for 2013-14 is almost complete. All planting is expected to be completed by the first week in June. In 2013-14, Chinese cotton planted area is projected at 4.6 million hectares, a 15 percent reduction from ten years ago. Production is forecast at 6.7 million tons, the second-lowest crop in a decade.

In India, cotton planting this season has been normal, but the monsoon will determine if last season’s cotton-planting area can be maintained. In 2013-14, a record 11.9 million hectares is projected, up 51 percent from 2003-04; and cotton production is projected at 6.2 million tons, more than double the 3 million tons’ production in 2003-04.

In the United States, cotton was planted at a rapid pace in May. In 2013-14, the US cotton area is projected at 3.4 million hectares, a 30 percent reduction from ten years ago, and cotton production is projected to decline from 4 million tons in 2003-04 to 3 million tons in 2013-14.

In Pakistan, cotton is being planted at a good pace in Punjab and Sindh. In 2013-14, the cotton area is projected at 2.9 million hectares, and The Cotlook A Index fell to around 90 cents per pound towards the end of May 2013, and the China Cotton Index (Type 328) fell to 19,350 yuan per ton, or 142 cents a pound, during the same period. Assuming the current Chinese reserve policy continues to be as it was announced by the government, the Cotlook A Index is projected to average 88 cents per pound in 2012-13 and 115 cents per pound in 2013-14.