MUMBAI, India (Reuters) — India, the world's second-biggest cotton producer, on Wednesday raised its export forecast for the crop year ending September by 27 percent with demand strong for buyers beyond China.

The new estimate of 11.4 million bales is also higher than India's shipments last year and could further pressure New York cotton futures that hit their lowest in about one and half years on Tuesday. One Indian bale equals about 374.7 pounds.

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