The Cotton Association of India (CAI) has revised its cotton pressing estimates for the upcoming marketing season, beginning from October 1, 2023. The estimates now stand at 294.10 lakh bales, reflecting a decrease attributed to crop damage caused by pink bollworm infestation and the uprooting of cotton plants by farmers in Haryana.
In Haryana specifically, CAI predicts that cotton pressing will reach 15 lakh bales in 2023-24, compared to 11 lakh bales in the previous season. These figures were provided in a statement released by the association. The statement also highlights that during the 2021-22 season, the total cotton pressing amounted to 318.90 lakh bales.
The total cotton supply for the month of October is estimated at 54.74 lakh bales, consisting of arrivals of 24.34 lakh bales, imports of 1.50 lakh bales, and an opening stock of 28.90 lakh bales at the start of the season. CAI estimates cotton consumption to be around 26 lakh bales, with export shipments expected to reach 1 lakh bales by October 31.
At the end of October, the stock is projected to stand at 27.74 lakh bales, with 25 lakh bales kept by textile mills and the remaining 2.74 lakh bales held by the Cotton Corporation of India (CCI), Maharashtra Federation, and other entities such as multinational corporations (MNCs), traders, and ginners.
Looking ahead, CAI forecasts the total cotton supply for the entire 2023-24 season, until September 30, 2024, to be 345 lakh bales. This represents a slight decrease compared to last year’s supply of 355.40 lakh bales. The estimations include an opening stock of 28.90 lakh bales, cotton pressing of 294.10 lakh bales, and imports of 22 lakh bales.
Notably, the anticipated cotton imports for the season are expected to rise by 9.50 lakh bales to 22 lakh bales, compared to 12.50 lakh bales in the previous season. However, domestic consumption is predicted to remain steady at 311 lakh bales. On the other hand, exports are anticipated to slightly decline to 14 lakh bales, compared to 15.50 lakh bales last year.
Overall, the revised estimates provided by CAI underscore the challenges faced by the cotton industry in India, particularly in Haryana, and highlight the potential impact on cotton supply and trade for the upcoming season.
