Cotton consumption this year will be the highest in six years. Total global consumption will be about 112 million bales (480 lbs each).
Dr Gary Adams, President and CEO of Memphis-based National Cotton Council spoke yesterday to a room full of attentive audience at Bayer Museum of Agriculture in Lubbock, TX. The meeting was organized by Lubbock Chamber of Commerce to highlight the economic impact of cotton to Lubbock and High Plains region. In welcoming the gathering, Steve Verett, Executive Vice President of Plains Cotton Growers stated that the meeting is a way of celebrating agriculture, as harvest nears in High Plains.
Adams stated that although, cotton use is on the growth side, it will be 12 million bales lower than the peak consumption experience a decade ago. Among other factors, competition from synthetics with excess capacity of polyester is an important factor influencing the cotton market.
Citing the latest USDA report Adams pointed out, United States is expected to produce 16 million bales, which is three million more than the 2105 crop. Globally, production will see an increase of six million bales over last year. Even with this increase, the crop output is expected to lag consumption by nine million bales.
In speaking about competition to cotton from synthetics, China alone has the capacity to produce manmade fibers equivalent to two and half times global cotton output in one single year, stated Adams.
By: Seshadri Ramkumar, Texas Tech University, USA