Cottoncandy’s price of cotton saw a slight uptick of 0.11%, ultimately settling at 57160. The Cotton Association of India (CAI) revised its cotton output estimate for the current 2023/2024 season to 29.4 million bales, which is credited with the upswing. The amendment mentioned plant uprooting by farmers and infestations of pink bollworms as causes of harm in Haryana.
Additionally, little rainfall is expected to cause a significant 25% drop in cotton production in north Maharashtra. A different perspective was offered by the USDA’s November World Agricultural Supply and Demand Estimates report, which increased global ending stocks by 1.6 million bales and predicted a 273,000 bale increase in U.S. production in 2023–2024.
Despite somewhat lower consumption, increased production and ending stockpiles were reported in the U.S. cotton balance sheet for 2023–2024. Increased production to 13.1 million bales was made, while ending stocks, which made up 22.5% of consumption, stood at 3.2 million bales.
After estimating 31.1 million bales in July, CAI’s final estimate for India’s cotton harvest in 2022–2023 was 31.8 million bales, a little increase. This figure, however, is still less than the 34.3 million bales that the administration had projected in advance. At the close, prices in Rajkot’s main spot market were 26756.9 Rupees, down -0.06% from the close.
