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Saturday, July 20, 2024

Indian 2023-24 season cotton pressing forecast lowered to 294.10 lakh bales

The Cotton Association of India (CAI) in its October estimate has lowered its cotton pressing estimate for the 2023-24 season by 1 lakh bales of 170 kgs each

The October estimate now stands at 294.10 lakh bales of 170 kgs each, down from its earlier forecast of 295.10 lakh bales.

CAI has forecast supply for the month of October 2023 at 54.74 lakh bales, among which are arrivals of 24.34 lakh bales, imports at 1.50 lakh bales, and opening stock at 28.90 lakh bales at the beginning of the 2023-24 season.

The cotton trade body has also projected cotton consumption in India for October 2023 at 26 lakh bales while export shipments till October 31 are forecast at 1.00 lakh bales.

Stock at the end of October 2023 is estimated at 27.74 lakh bales, which includes 25 lakh bales with mills and 2.74 lakh bales with various cotton federations but includes cotton sold but not delivered.

The total cotton supply till the end of the cotton season or till September 30, 2024, is projected at 345 lakh bales as against the last season’s cotton supply of 355.40 lakh bales.

The cotton supply consists of opening stock of 28.90 lakh bales at the beginning of the 2023-24 season, cotton pressing numbers forecast for the season at 294.10 lakh bales, and imports in the season projected at 22 lakh bales.

CAI has estimated cotton imports in the season to be higher by 9.50 lakh bales as against the previous season, while consumption remains the same as a previous season at 311 lakh bales.

Projected exports in 2023-24 remain unrevised at the previous estimate of 14 lakh bales as against 15.50 lakh bales estimated for the 2022-23 season.

CAI has projected Indian cotton exports to be lower by 1.50 lakh bales in the 2023-24 season as against the earlier 2022-23 season.

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