10/11&Nbsp; Australian Cotton Exports Will Grow By &Nbsp; 34%

2010/8/27 15:42:00 59

Australia

The National Bank of China said on Thursday that Australia's cotton production in the world's third largest cotton exporter is expected to achieve the best yield in five years this year, because the rate of return is high, farmers' enthusiasm for cotton planting has been raised, and adequate rainfall has been beneficial.

crops

Growth.

Michael Creed, an agricultural economist at National Bank, said that 2010/11 Australia's cotton output was about 520000 tons, or 2 million 300 thousand packs, an increase of 34% over the previous year, consistent with the projections made by the government's chief commodity forecasters last June.

Produced in Australia

cotton

About 80% for export.

In 2007/08, output fell to 133000 tons, or 585000 packs due to drought and water shortage.

The recent rainfall is expected to increase the planting area of dryland. Australian cotton planting will start next month and will be picked in -5 April next year.

Corid said that although global prices rebounded to around 85 cents / pound from the 54 cent of the global financial crisis in March 2009, cotton prices could not rush to the level of 1 dollars / pounds that had been seen in June 2008.

He said that the price has reached the top and that the price of cotton should remain at the current level after the price is falling.