Cotton benefited when the USDA reduced American production to 12.8 million bales in 2023–2024

Following the USDA’s October WASDE report, which indicated that lower yields in Texas would limit U.S. cotton production in 2023–2024 to 12.8 million bales, cotton candy experienced a 0.66% gain, closing at 58,200. Brazil is predicted to produce more cotton than the United States, almost matching American exports of the crop for the first time since the 1800s.

Thanks to better commercial relations, Australia’s cotton exports to China increased to 61,319 metric tons in August, valued at $130 million. The Cotton Association of India (CAI) increased its initial projection of 34.4 million bales to 31.8 million bales for the 2022–2023 crop season. This is still less than the 34.3 million bales the administration had projected for the season.

In India, 330–340 lakh bales are expected to be produced in the 2023–24 season. Telangana’s cotton output declined as a result of poor seasonal conditions, although cotton harvesting is predicted to pick up steam in November. Rajkot’s market ended the day at 27,445 Rupees, up 0.04% from the opening price.

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