CAI Revises Cotton Pressing Estimate for 2023-24 Season: October Figures Released

Mumbai, November 18 (CommoditiesControl): The Cotton Association of India (CAI) has released its October estimate for the cotton pressing figures in the 2023-24 season, which commenced on October 1, 2023. CAI has revised its estimate for the cotton pressing in the 2023-24 crop year, reducing it by 1 lakh bales to 294.10 lakh bales, each weighing 170 kgs (equivalent to 308.62 lakh running bales of 162 kgs each), as compared to its initial estimate of 295.10 lakh bales of 170 kgs each.

CAI's detailed breakdown includes state-wise pressing numbers and a comprehensive balance sheet for the ongoing season. The total supply for October 2023 is reported at 54.74 lakh bales of 170 kgs. each (equivalent to 57.44 lakh running bales of 162 kgs. each). This includes arrivals of 24.34 lakh bales of 170 kgs. each (or 25.54 lakh running bales of 162 kgs. each), imports of 1.50 lakh bales of 170 kgs. each (or 1.57 lakh running bales of 162 kgs. each), and an opening stock of 28.90 lakh bales of 170 kgs. each (or 30.34 lakh running bales of 162 kgs. each) at the beginning of the season.

CAI's estimates for October 2023 project cotton consumption at 26 lakh bales of 170 kgs. each (or 27.28 lakh running bales of 162 kgs. each), with export shipments up to October 31, 2023, reaching 1.00 lakh bales of 170 kgs. each.

The closing stock at the end of October 2023 is anticipated to be 27.74 lakh bales of 170 kgs. each (or 29.11 lakh running bales of 162 kgs. each), including 25 lakh bales with textile mills and 2.74 lakh bales with entities such as CCI, Maharashtra Federation, and others.

Looking ahead, CAI projects the total cotton supply for the entire 2023-24 season, until September 30, 2024, at 345 lakh bales of 170 kgs. each (or 362.04 lakh running bales of 162 kgs. each), a slight decrease from the previous year's total cotton supply of 355.40 lakh bales of 170 kgs. each.

Simultaneously, the CAI Crop Committee held a virtual meeting on November 17, 2023, attended by 18 members representing various cotton-growing regions. The committee discussed key aspects.

CAI has maintained the cotton consumption estimate for the 2023-24 season at 311 lakh bales of 170 kgs. each (or 326.36 lakh running bales of 162 kgs. each).

The Committee estimates cotton pressing at 294.10 lakh bales of 170 kgs. each (or 308.62 lakh running bales of 162 kgs. each), with a reduction of 1 lakh bales in the state of Haryana due to reported crop damage.

Cotton imports for the 2023-24 season are estimated at 22 lakh bales of 170 kgs. each (or 23.09 lakh running bales of 162 kgs. each), a 9.5 lakh bales increase compared to the previous year.

The Committee retains the cotton exports estimate at 14 lakh bales of 170 kgs. each (or 14.69 lakh running bales of 162 kgs. each), reflecting a decrease of 1.50 lakh bales compared to the last season.

The closing stock as of September 30, 2024, is estimated at 20 lakh bales of 170 kgs. each (or 20.99 lakh running bales of 162 kgs. each), down from 28.90 lakh bales of 170 kgs. each in the previous year.

(By CommoditiesControl Bureau; +91-9820130172)