Australia: Cotton and Products Annual

Cotton production in Australia is primed for a near record 5.8 million bales in MY 2023/24, stringing together three successive big crops starting from the record 5.85 million bales in MY 2021/22. This is due to the strong prospect of ample irrigation water availability at the start of planting in October 2023, along with some expected easing of fertilizer input costs, and firm cotton prices. An anticipated return to more normal seasonal conditions for the forecast year is expected to support a more optimal planting with average yield expectations, compared to the flood disrupted and delayed planting period for the MY 2022/23 crop. Despite the challenging circumstances, the current crop is still estimated to be very large at 5.5 million bales. Exports are forecast to reach 6.0 million bales in MY 2023/24, the third highest following the MY 2022/23 estimated record of 6.6 million bales.