The price of cotton candy yesterday increased by 0.85% to 59580 as production concerns persisted. based on reports In Gujarat, sowing increased by almost 5%, reaching 2,679,299.00 hectares compared to 2,545,105.00 hectares in 2021. India sowed 122.56 lakh hectares of cotton in 2023 compared to 124.82 lakh hectares in 2022, a decrease of roughly -1.82%.
According to information provided by the Cotton Corporation of India, cotton arrivals have already surpassed 318 lakh bales for the current season, which began in October last year. In Punjab, arrivals were recorded at just under one-third of the year before (2021–2022). 8.7 lakh quintals of cotton have arrived in Punjab so far this year, compared to 28.89 lakh quintals during the course of the full 2021–22 selling season. With El Nio weather predicted to reduce September precipitation, India is anticipated to experience its lowest monsoon rains in eight years.
Food inflation may increase as a result, driving up the price of staples like rice, sugar, and vegetables. Seventy percent of the rain required for crop irrigation and watering comes from the monsoon, which is essential to India’s economy. It’s possible that the lack of rain in September may increase the price of necessities and drive up food inflation. The price finished at 28807.3 Rupees, down -0.02 percent, in Rajkot, a significant spot market.
