Prices for cotton candy stayed the same at 60520, with investor mood being affected by worries over Chinese demand. Pink bollworm infection in the Haryana cotton belt is adding to market concerns. According to the 2023–24 Cotton Outlook, the cotton sector is struggling with major declines in both output and consumption on a global scale. In the United States, estimates for cotton for 2023–2024 show increasing beginning stockpiles but decreasing production, exports, and ending stocks.
Increased beginning stockpiles for 2022–2023 were the result of unexpectedly high warehouse stocks in July 2023. This month, with decreases in the Southeast and Southwest, U.S. cotton production is anticipated to be 860,000 bales lower. However, exports are down by 200,000 bales, while ending stocks are down by 100,000 bales. Consumption stays unchanged. Upland cotton is expected to cost 80 cents per pound on average during the 2023–24 season, an increase of 1 cent from the previous month.
In comparison to the previous month, beginning inventories, output, consumption, trade, and ending stocks for cotton are all projected to be lower globally in 2023–2024. President of the Indian Cotton Federation, predicts that India would produce between 330 and 340 lakh bales of cotton during the forthcoming 2023–24 season, which begins on October 1.
12.7 million hectares have been planted thus far. 335 lakh cotton bales have entered the market so far this season, and more are anticipated before it closes. However, Telangana’s cotton area was diminished as a result of difficult seasonal conditions that made it difficult to grow cotton. In the northern states, cotton harvesting is anticipated to increase in November. Prices finished at 29020.3 Rupees on Rajkot’s main spot market, a little decrease of -0.09%.
