CAI Retains Its March Cotton Pressing Estimate for 2023-24 Cotton Season

New Delhi, April 25 (Commodities Control): The Cotton Association of India (CAI) has retained its estimate for the cotton pressing numbers for the ongoing 2023-24 season, maintaining it at 309.70 lakh bales of 170 kgs each, equivalent to 324.99 lakh running bales of 162 kgs each. The CAI has taken the decision after thorough consultation with members of 11 cotton-growing state associations and various trade sources.

According to the released figures, the total cotton supply until the end of March 2024 is estimated at 297.03 lakh bales of 170 kgs each, equivalent to 311.70 lakh running bales of 162 kgs each. This comprises arrivals of 263.13 lakh bales, imports of 5.00 lakh bales, and an opening stock estimated at 28.90 lakh bales.

The domestic consumption estimate stands at 165.00 lakh bales, while export shipments until March 31, 2024, are estimated at 18.00 lakh bales. The closing stock as of March 2024 is estimated at 114.03 lakh bales, including 47.00 lakh bales with textile mills and the remaining 67.03 lakh bales with various entities, including CCI, Maharashtra Federation, and others.

Looking ahead, the CAI has retained its total cotton supply estimate for the entire 2023-24 cotton season, ending on September 30, 2024, at 359.00 lakh bales.

This includes an opening stock of 28.90 lakh bales, pressing numbers of 309.70 lakh bales, and imports of 20.40 lakh bales. Notably, the estimated imports for this season are higher by 7.90 lakh bales compared to the previous year.

The CAI will convene its National Crop Committee meeting with stakeholders on June 10, 2024, in Ludhiana, Punjab, to finalize the cotton balance sheet for the ongoing crop year, encompassing production, consumption, export, and import numbers.

Key Features of the CAI Crop Committee Meeting Held on April 24, 2024:

1. Consumption: The CAI maintains the cotton consumption estimate for the 2023-24 season at 317 lakh bales, consistent with previous estimates. Consumption until March 31, 2024, is reported at 165.00 lakh bales.

2. Cotton Pressing: The Committee has upheld the pressing estimate at 309.70 lakh bales based on inputs from upcountry associations and trade sources. Close monitoring will continue to ensure accuracy in subsequent months.

3. Imports: Cotton imports for the 2023-24 season remain at 20.40 lakh bales, reflecting an increase from the previous year. As of March 31, 2024, approximately 5.00 lakh bales have arrived at Indian ports.

4. Exports: The estimated cotton exports for the current crop year stand at 22 lakh bales. This represents a notable increase compared to the previous season.

5. Closing Stock: The closing stock as of September 30, 2024, is projected at 20 lakh bales, indicating a decrease from the previous year's figure.

(By Commoditiescontrol Bureau: +91-9820130172)