Cotton prices fell by -0.81%, ending the day at 60900, mostly because of worries about demand from China. The cotton market in the United States for 2023–2024 shows higher initial stocks but decreased production, exports, and ending stocks. Higher beginning stocks for 2022–2023 were a result of unexpectedly substantial warehouse stockpiles reported for July 31, 2023. 860,000 fewer bales are expected to be produced in the United States in 2023–2024, with the Southeast and Southwest experiencing particularly sharp decreases.
While consumption has not changed since August, exports have decreased by 200,000 bales, and ending stocks have decreased by 100,000 bales. Upland cotton’s season-average price is anticipated to be 80 cents per pound in 2023–24, an increase of 1 cent from the previous month. 3.65 lakh fewer hectares of cotton have been sown in India than the previous year, which is ascribed to bad monsoon conditions in Gujarat, mill closures, and a lack of old cotton crops.
Early arrivals of the new cotton crop have begun above the minimum support price levels in North and South India, with prospects of increased arrivals after September 15. With excellent circumstances anticipated for the cotton crop in 2023–2024, Telangana’s cotton harvest is expected to pick up steam in November. Cotton prices ended at 29480.6 Rupees in Rajkot, a prominent spot market, representing a 0.26 percent decline.
