COVID-19 Rocked Cotton Mill Use, Stocks May Reach Highest in Ten Years
By John Hart, Delta Farm Press
The COVD-19 pandemic has clearly impacted yarn and fiber demand as consumers purchased less clothing and other textile products, and cotton took a direct hit in mill use.
In a Aug. 18 webinar, Jon Devine, senior economist with Cotton Incorporated, noted that global mill use estimates for cotton for 2019/2020 are down 15% from January while yarn and fiber production is up 2 percent. Large supplies are expected to be carried over from 2019/2020 with another surplus expected in 2020/2021.This is expected to have a negative impact on prices.