Cotton production in Australia, the world’s third-biggest exporter, may drop 9 percent this year as drought curbs planting in Queensland state, the country’s second-biggest grower, according to an industry group.
Cotton crops damaged by flooding in Australia, the fourth-largest exporter, may partly recover in the next few months helping to maintain the production outlook, Australia & New Zealand Banking Group Ltd. said today.
Flooding and heavy rainfall caused by ex-tropical cyclone Oswald that may damage some cotton crops in Australia, the world’s fourth-biggest shipper, will boost production in other regions, according to a growers’ group.
Cotton production in Australia, the world’s third-biggest shipper, may drop as much as 8.2 percent as farms are inundated in the nation’s east, harming crops and curbing output, according to a producers’ group.
The worst U.S. crop conditions since the dust bowl era of the 1930s are tightening domestic supplies of cotton and boosting prospects for a rebound in prices that fell more than any other commodity this year.