Aug '13
China accounts for the bulk of these stocks with its own record of 58.3 million bales, accounting for over 60 percent of the total and equal to approximately 6.5 months’ worth of global consumption.
While projections for 2013/14 ending stocks were reduced this month, estimated beginning stocks were increased primarily as a result of adjustments made to India’s residual category, which added to supply in earlier years.
Stocks in India were raised in 2011/12, 2012/13, and 2013/14 as the official data used to estimate production, trade, and consumption indicate unsustainably low stock levels.
United States Department of Agriculture (USDA)
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