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China to sell 58 million bales of cotton stocks in May

While experts have been arguing about the quality of cotton in China’s reserves for three years, now they may be about to find out just how good - or bad it is As the China National Development and Reform Commission (NRCD) announced they would begin selling a portion of China’s estimated 58 million bales of reserve stocks beginning in early May. As per NRCD, 2 million metric tons (the equivalent of about 9 million 480-pound bales) will be offered for sale in 2016. Only a set amount can be purchased daily, apparently to avoid giving the appearance China is dumping cotton on the market.

According to Jody Campiche, the National Cotton Council’s vice president for economic services, whether China will be any more successful in this year’s auction than last year’s - when almost no cotton was sold - remains to be seen. She talked about Chinese cotton developments in a presentation to the American Cotton Producers meeting in Birmingham, Ala.

The difference in this auction compared to last year’s is they’re expected to release a larger amount of their reserves, said Dr. Campiche.

 
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