Cotton Candy prices rose by 0.09% to 57,000 due to the USDA’s reduction in India’s cotton production forecast for the 2024-25 season to 30.72 million bales due to crop damage and pest issues. Ending stocks are expected to drop to 12.38 million bales.
Acreage under cotton is down by about 9%, but higher yields from timely rains are expected to offset this reduction. India’s cotton exports for the 2023-24 crop year are estimated to reach 28 lakh bales, an 80% increase from the previous year’s 15.5 lakh bales.
Cotton consumption is projected at 317 lakh bales, with 291 lakh bales consumed by August. Imports have risen to 16.4 lakh bales. Global cotton production is expected to rise, with increases in China, Brazil, and Argentina offsetting reductions in the U.S. and Spain.
