Due to profit taking after earlier increases brought on by news of a pink bollworm assault in the cotton belt of Haryana, cotton candy prices saw a minor decline of -0.49% to 60,780. The cotton sector is battling decreased production and consumption in the global outlook for 2023–24.
The cotton estimates for the United States for 2023–2024 show higher starting inventories but decreased production, exports, and ending stocks. Beginning stocks for 2022–2023 increased as a result of unexpectedly substantial warehouse stocks for July 31, 2023. The United States is expected to produce 860,000 fewer bales of cotton in 2023–2024, with the Southeast and Southwest experiencing the biggest drops.
Exports are down by 200,000 bales, ending stocks are down by 100,000 bales, and consumption is unchanged from August. In comparison to the previous month’s data, the world cotton predictions for 2023–24 show decreased starting inventories, production, consumption, trade, and ending stocks.
With planting already topping 12.7 million hectares, India is projected to produce 330 to 340 lakh bales of cotton in the 2023–2024 season, which begins on October 1. 335 lakh cotton bales have entered the market so far this year. Due to unfavourable seasonal conditions, the Telangana cotton region had difficulties, although picking is expected to pick up steam in November.
