As arrivals in Punjab were 1/3 of the previous year, cotton prices increased

The price of cotton candy yesterday increased by 0.37% to 60440 as Punjab registered arrivals that were approximately one-third of the previous year, 2021–2022. 8.7 lakh quintals of cotton have arrived in Punjab so far this year for the 2022–23 marketing season, compared to 28.89 lakh quintals for the entire 2021–22 marketing season. According to the USDA’s weekly export sales report, net sales of cotton for 2023–2024 were 277,700 running bales, with rises mostly for China.

Gujarat’s cotton farming has broken all previous records during this Kharif season, marking an impressive milestone. In stark contrast to the diminishing trend seen in other major cotton-producing states, the state’s farmers have successfully planted cotton across a vast 26.64 lakh hectare area. As of July 31, the state of Gujarat, which is known as India’s top cotton producer, has successfully sown cotton across a total area of 26,64,565 hectares (ha).

The USDA’s data showed that the estimated U.S. crop for 2023 remained at 16.5 million bales. The planted acreage was decreased, the amount abandoned was decreased, and the anticipated yield was also decreased. However, changes were made in other areas. Additionally, exports for the crop years 2022, which is about to expire, and 2023, which is about to begin, have both been reduced by 250,000 bales.

The price finished at 28824 Rupees, up 0.11 percent, in Rajkot, a significant spot market. Technically, the market is under short covering because open interest remained unchanged and settled at 381 while prices increased by 220 rupees. Cotton candy is now receiving support at 60120, and a decline below that level could result in a test of the 59810 levels. A rise above 60620, however, could result in a test of 60810 prices.

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