The Cotton Association of India (CAI), a trade organisation, has increased India’s projected cotton production for the years 2022–2023 to 311,18 lakh bales (each weighing 170 kg). The trade organisation called a conference of cotton stakeholders from around the nation to determine a “accurate cotton crop estimate,” and the crop statistics were revised as a result. On July 10, the meeting took place in Mumbai.
The output of cotton was expected to be 298.65 lakh bales in May, the lowest level since 2008-09 (290 lakh bales). The Committee on Cotton Production and Consumption (CCPC) estimated 337.24 lakh bales for 2022–2023 while the Central Government predicted 343.47 lakh bales.
The updated estimate for the crop in 2021–2022 is 299,16 lakh bales.
“The meeting discussed the State-wise pressing data provided by each state association and other input from stakeholders,” a CAI statement read.
55 people, including members of the CAI crop committee, attended the meeting. They reported that the overall number of arrivals for 2022–2023 was 281.98 lakh bales, with 171.73 lakh bales going to the Central zone, 65.12 lakh to the South zone, and 38.95 lakh to the North zone.
The expected 315.98 lakh bales of cotton available for the year include 10 lakh bales of imports through June 30, 2023, in addition to the 24 lakh bales of opening stock. 238 million bales of cotton are expected to be consumed worldwide, with 13.50 million bales exported until June 30, 2023.
Global Outlook
While this is going on, the US Department of Agriculture’s (USDA) Foreign Agriculture Service estimates that cotton production increased by “more than 1.7 million bales this month to 118 million as larger crops in Brazil, India, and Australia more than offset slightly lower production in Argentina.”
In terms of the estimate for world trade, it was predicted that there would be a “slight decline to 43.5 million bales, but an increase of over 6.0 million over the prior year. Brazil’s increased exportable supply more than makes up for decreased shipments from the US, Australia, and India.
The increase in global ending inventories of about 1.7 million bales to 94.5 million, which is the highest anticipated level in four years, is primarily attributable to lower consumption. According to the FAS statement, the US seasonally average farm price for 2023–2024 is expected to decrease by 1 cent to 76 cents.
The price per candy (each of 356 kg processed cotton) for India’s standard cotton, the Guj 29mm kind, was stated at 55,600.
