Cotton candy prices fell by 0.43% to 57,460 due to moderate demand and weak export activity, particularly in Bangladesh. However, the downside was limited due to hopes of demand recovery from China and concerns about crop damage from Hurricane Helene.
The USDA revised India’s cotton production forecast for the 2024-25 season to 30.72 million bales, lowering ending stocks to 12.38 million bales. Cotton acreage dropped by around 9% in the Kharif season compared to last year.
India’s cotton exports for the 2023-24 season increased by 80%, reaching 28 lakh bales, while imports rose to 16.40 lakh bales. The Cotton Association of India estimates closing stocks at 23.32 lakh bales as of September 2024, down from 28.90 lakh bales last year.
The U.S. cotton production forecast for 2024/25 was lowered to 14.5 million bales, with smaller crops in the U.S., India, and Pakistan offset by a larger crop in China.
