Due to worries about supply and long-term cotton usage, cotton candy prices closed 0.3% higher at 60080. The 2023–2024 U.S. cotton balance sheet showed stable production but decreased ending stocks, increased exports, and decreased mill use. With the export projection increased to 12.3 million bales, ending stockpiles were anticipated to have disappeared by 20%, or 2.8 million bales.
Due to reduced beginning stocks and production, the world’s cotton ending stocks for 2023–2024 were around 700,000 bales fewer. With contracts inked for 400,000 bales, India’s cotton exports in February are expected to hit their highest level in two years due to competitive pricing.
The nation is predicted to produce the fewest bales of cotton since 2007/08 during the 2023–2024 marketing year, with a 7.7% decrease from the previous year to 29.41 million bales. India is on track to exceed initial projections and export 2 million bales, even with the production reduction.
For the 2023–24 season, the Cotton Association of India (CAI) maintains forecasts for domestic consumption at 311 lakh bales. 294.10 lakh bales is the pressing estimate for the season. Pink bollworm infection is declining, according to CAI, from 30.62% in 2017–18 to 10.80% in 2022–2023.
