Cotton fell during the profit booking

Cotton candy saw profit booking following recent increases, which caused it to close down 0.14% at 57960. India is predicted to produce 29.5 million bales of cotton in 2023–2024, a 7.5% decrease from previous years due to decreased planted area and the productivity impact of El Nino.

From 1.25 million bales in the previous marketing year to 2.2 million bales in the current year, imports could rise. Owing to decreased Texas yields, the USDA’s October WASDE report reduced the estimated U.S. cotton production for 2023–2024 to 12.8 million bales.

It is anticipated that Brazil will produce more cotton than the U.S. for the first time and that its exports of cotton will soon surpass those of the U.S. Benefiting from normalized commercial ties, Australia’s cotton exports to China increased significantly to 61,319 metric tons worth $130 million in August.

Although the government’s forecast of 34.3 million bales is different from the Cotton Association of India’s (CAI) slightly higher crop production estimate for the 2022–2023 season of 31.8 million bales. Cotton candy finished at 27213.95 Rupees on the Rajkot spot market, down 0.49%.

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