Cotton candy yesterday decreased -0.23% to settle at 59840 as economic worries over the natural fiber’s major consumer, China, cast a shadow over demand projections. The next season (October 2023–September 2024) will likely see a 3% reduction in global cotton production, but consumption may remain unchanged, and ending inventories may be lower.
The Cotton Association of India (CAI) kept their projection for the 2022–2023 season’s cotton crop production at 311.18 lakh bales. With arrivals of 296.80 lakh bales, imports of 11.50 lakh bales, and the opening stock projected by the CAI at 24 lakh bales at the start of the season, the total supply of cotton is expected to be 332.30 lakh bales from October 2022 to July 2023.
In Punjab, arrivals were roughly 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 this Kharif season, which is a great accomplishment. A significant spot market in Rajkot saw the price end at 28970.35 Rupees, up 0.07 percent.
