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Enough cotton for 127 billion T-shirts shows why bulls can't win

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Global stockpiles of cotton are forecast by the USDA to dip just 6.8 per cent from last year's all-time high. The inventories will also be more than 35 per cent higher than the 10-year average.

Chicago

THERE'S enough cotton sitting in global warehouses to make more than 127 billion T-shirts, or 17 for each person on the planet. That's bad news for investors betting prices will rise.

World inventoriesĀ at the end of this season will be the second-largest ever, just slightly