Feb. 24 (Bloomberg) -- Global cotton output will fall 3.9 percent to 118.5 million bales in the year beginning Aug. 1 from an estimated 123.3 million in the current season, according to the U.S. Department of Agriculture.
Global consumption will increase to 114.5 million bales from 109.7 million, the agency said today at a forum in Arlington, Virginia.
Before today, cotton futures in New York tumbled 59 percent from a record $2.197 a pound on March 7, partly because demand slumped as the global economy faltered.
A bale weighs 480 pounds (218 kilograms). The U.S. is the world’s largest exporter.
--Editors: Steve Stroth, Daniel Enoch
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