Considering a global supply rise predicted after July, the Southern India Mills’ Association (SIMA) advised textile mills to refrain from panic buying amid rising cotton prices. Net sales decreased by 69% in 2023/2024 compared to the previous week and 83% from the previous 4-week average, according to data released by the U.S. Department of Agriculture (USDA).
Based on declines in Australia and Benin countering modest increases elsewhere, the USDA’s February WASDE study projected a 355,000 bale lower global cotton production in 2023–2024. Since beginning stocks and output were lower in 2023–2024, the world’s ending cotton stockpiles were over 700,000 bales lower than in January. Meanwhile, global consumption is predicted to stay essentially unchanged.
Since worldwide prices have been rising, Indian cotton has become more appealing to Asian consumers, and its exports are expected to hit their highest point in two years in February. Principally with China, Bangladesh, and Vietnam, contracts for 400,000 bales were inked. In the marketing year 2023–2024, India might export 2 million bales, exceeding initial projections.
” In 2023–2024, India will produce 29.41 million bales of cotton, the fewest since 2007–2008, according to the Cotton Association of India, a 7.7% decrease. The cotton supply for the entire year through January is projected by the CAI to be 210.05 lakh bales, maintaining its pressing forecast of 294.10 lakh bales.
