Cotton is the hair of Gossypium seeds, commonly called cotton, which originated in tropical and subtropical regions. After long-term artificial selection and cultivation, it gradually moved north to the temperate zone and became an annual crop. Generally speaking, cotton is sown in spring (or early summer). After germination, flowering and fruiting, its life ends when the winter cold comes. In the process of cotton growth, sufficient temperature, light and water and fertilizer conditions are needed. It is a light-loving plant, drought-tolerant and afraid of waterlogging.

Cotton is one of the most important crops in the world and an important strategic material related to the national economy and people's livelihood, involving agriculture and textile industry. It is the main income source of more than 654.38 billion cotton farmers in China, the main raw material of textile industry and the daily necessities of the broad masses of people. Cotton is "full of treasures", and the main and by-products have high utilization value. Cotton fiber can be made into fabrics of various specifications, from cotton yarn and cotton cloth to clothing, which is an important commodity for China to earn foreign exchange through export. Cottonseed, the seed of cotton, can be used to extract oil and as an industrial lubricant. After high temperature treatment, toxic substances such as gossypol can be eaten. The cottonseed cake after oil pressing can be used as feed for poultry and livestock; Cotton stalks can be used for furniture and paper making; The flower of cotton is an important honey source.

Place of production

At present, there are more than 70 countries producing cotton in the world, which are distributed in a vast area between 40 degrees north latitude and 30 degrees south latitude. The main cotton producing countries in the world include China, India, the United States, Brazil, Pakistan, Uzbekistan, Australia, Turkey, Argentina, Bangladesh and other countries.

According to the data released by the United States Department of Agriculture (USDA), the global cotton output in 19/20 was 1 214200 bales (1480 lbs), and India surpassed China to become the country with the largest cotton output, with the output of 28.8 million bales. 27.25 million bales of domestic cotton; The United States produced 19438+0 million bales of cotton, ranking third. 18/ 19 The global cotton output was118.56 million bales, including 27.75 million bales made in China, 25.8 million bales made in India and18.37 million bales made in the United States. China, India, the United States, Brazil, Pakistan, Uzbekistan and Australia account for more than 80% of global cotton production. Global cotton planting area and output, 19/20 and 18/ 19. See Figure 1, Figure 2 and Figure 3.

Figure 1 Global Cotton Planting Area and Output

Source: US Department of Agriculture, Melia Futures.

Figure 2 19/20 Global Cotton Yield Distribution

Source: US Department of Agriculture, Melia Futures.

Fig. 31819 global cotton yield distribution

Source: US Department of Agriculture, Melia Futures.

Cotton producing areas in China are mainly distributed in Xinjiang, the Yangtze River Basin and the Yellow River Basin, as shown in Figure 4. Xinjiang cotton region includes Xinjiang and Hexi Corridor. Xinjiang cotton is famous for its long fiber, white color and strong tensile force, and it is the most promising cotton region in China. Xinjiang is rich in water, soil, light and heat resources, with dry climate and little rain, and the conditions for planting cotton are unique. The cotton areas in the Yangtze River valley include Shanghai, Zhejiang, Jiangsu, Hubei, Anhui, Sichuan, Jiangxi and Hunan. The cotton region in the Yellow River Basin includes Henan, Hebei, Shandong, Shanxi and Shaanxi provinces. In addition to the three major producing areas, Beijing, Tianjin, Liaoning, Guangxi, Yunnan and other places also have sporadic cultivation, but their total output accounts for less than 1% of the total cotton output in China.

Figure 4 Distribution of main cotton producing areas in China.

Data source: public information collation, Meierya futures.

growth cycle

The growth cycle of cotton is divided into sowing period, seedling period, bud period, boll opening period and boll opening period. The growth cycle of cotton in China is shown in Figure 5.

Fig. 5 Cotton growth cycle

Source: Zhengzhou Commodity Exchange, Meierya Futures.

Cotton needs certain external influencing conditions from sowing to emergence, mainly suitable temperature, moisture, oxygen and soil, in which temperature is the decisive factor. Cotton is a thermophilic crop, so it needs higher temperature to germinate and emerge. Sowing in cotton areas in the Yellow River basin is generally in mid-April; If the conditions are suitable, the cotton area in the Yangtze River basin can be sown in early April; The cotton planting time in Xinjiang is generally from April 15 to April 25. After cotton is sown, the date of emergence mainly depends on the temperature and humidity of the soil at this time. Under normal circumstances, cotton needs 10- 15 days in the Yellow River basin, 7- 10 days in the Yangtze River basin and 15 days in Xinjiang.

Seedling stage refers to cotton from emergence to budding. Generally, the cotton areas in the Yellow River basin are from the end of April to the beginning of May to the middle of June, and those in the Yangtze River basin are from the end of April to the beginning of June. Cotton seedling stage is a vegetative growth period, and the main environmental factor affecting cotton seedling stage is temperature. In addition to temperature, if it rains continuously during this period, there will be too much water and insufficient light, which will also cause cotton seedlings to escape light, form tall and thin seedlings, delay the growth period, and even seriously affect the root development, forming rotten seeds, rotten buds and seedling diseases.

The bud stage of cotton refers to the period from budding to flowering. Generally from mid-June to early July. The growth level of cotton in bud stage directly affects the disaster resistance and final economic output in the middle and late stage. Because cotton buds appear in the first half of June and the temperature is high, the rainfall at this time is the key factor to determine the number of buds, and the high temperature and drought during this period will seriously affect cotton growth.

Flowering and bolling period refers to the period from flowering to boll opening, generally from early July to the end of August and early September. Flowering and bolling period plays a decisive role in the process of yield formation, and it is the key period to determine yield and quality. This stage is divided into early flowering stage and big boll stage according to its growth characteristics. The flowering and bolling period is the period when cotton needs water most in its life. Cotton is sensitive to water. If the water is unbalanced and the metabolic process is blocked, it will lead to a large number of buds falling off and premature aging, which will seriously affect the growth process of cotton.

Flocculation period refers to a long time from the beginning of whipping to the arrival of dry frost and the end of growth. Generally, it begins to spit at the end of August and the beginning of September, and lasts for 70-80 days, which is the main stage of cotton fiber growth and development. The main factors affecting cotton yield and quality here are: continuous rain aggravates cotton boll rot, autumn and cold years make cotton greedy for green and late maturity, and fiber development is poor.

Overview of industrial chain

The cotton industrial chain is divided into upstream, midstream and downstream, with the upstream as the planting end, the midstream as the manufacturing end and the downstream as the consumption end. The main body of the industrial chain includes cotton farmers, ginning mills, distributors, textile enterprises, garment processors and traders, as shown in Figure 6.

Figure 6 Cotton industrial chain

Source: According to network information, Meierya Futures.