A pink bollworm infestation reportedly damaging the cotton belt in Haryana caused cotton prices to rise 0.63%, closing at 60900. The 2023–24 Cotton prognosis indicates that the global cotton industry is, nonetheless, struggling with decreased production and consumption. Forecasts for 2023–2024 in the United States show higher beginning stocks but decreased output, exports, and ending stocks.
The commencing stock level for 2022–2023 was larger than predicted due to unexpectedly substantial warehouse stocks for July 31, 2023. With less exports and ending inventories, the United States is expected to produce 860,000 fewer bales of cotton this month. Upland cotton is anticipated to average 80 cents per pound for the 2023–24 growing season.
Global predictions for 2023–2024 point to decreased beginning inventories, output, consumption, trade, and ending stocks compared to the prior month. For the season 2023–2024, which begins on October 1, India is predicted to produce 330–340 lakh bales of cotton. 335 lakh bales arrived on the market for the current season, according to the Indian Cotton Federation, who also reported significant seeding.
Negative seasonal conditions caused Telangana’s cotton area to shrink. Beginning in November, the State’s cotton harvest should pick up steam. The center predicts regular rainfall and increased crop area will result in a favourable pre-sowing price forecast for cotton in 2023–2024. Cotton prices closed at 29005.85 Rupees on the Rajkot spot market, showing a negligible increase of 0.02%.
