Prices of cotton candy increased by 0.3% to close at 61080. The increase was brought on by reports of a pink bollworm infestation in Haryana’s cotton growing region. The 2023–24 Cotton outlook shows that the global cotton sector is struggling with declines in both output and consumption. The U.S. cotton predictions for 2023–2024 are for higher beginning stockpiles but decreased production, exports, and ending stocks.
Upland cotton’s season-average cost is anticipated to be 80 cents per pound in 2023–2024. The world cotton predictions for 2023–2024 also indicate decreased beginning inventories, production, consumption, trade, and ending stocks compared to the previous month.
In the next 2023–2024 cotton season, which begins on October 1, India is predicted to produce 330–340 lakh bales of cotton (each weighing 170 kg), with sowing topping 12.7 million hectares. 335 lakh bales of cotton have entered the market during the current season, with some fresh harvests arriving from the northern cotton-growing states and Karnataka.
The second or third week of November is when Telangana’s cotton harvest is anticipated to pick up speed. The center has evaluated the cotton pre-sowing price projection for 2023–2024, assuming normal rainfall and an increase in crop area.
