CAI estimates cotton pressing at 294.10 lakh bales for 2023-24 season

Mumbai, Nov 18 (PTI) The Cotton Association of India (CAI) on Saturday lowered cotton pressing estimates for the 2023-24 marketing season, beginning from October 1, at 294.10 lakh bales due to crop damage following pink bollworm infestation and uprooting of cotton plants by farmers in Haryana.

In Haryana, CAI estimated the cotton pressing to be at 15 lakh bales in 2023-24, compared to 11 lakh bales in the last season, CAI said in a statement.

In 2021-22, the total cotton pressing stood at 318.90 lakh bales, the statement said.

The total supply is estimated at 54.74 lakh bales for October, which consists of the arrivals of 24.34 lakh bales, imports of 1.50 lakh bales and the opening stock estimated by the CAI at 28.90 lakh bales at the beginning of the season.

Further, the CAI has estimated cotton consumption at 26 lakh bales, while the export shipments up to October 31 are estimated at 1 lakh bales.

Stock at the end of October is estimated at 27.74 lakh bales, including 25 lakh bales with textile mills, and the remaining 2.74 lakh bales with Cotton Corporation of India (CCI), Maharashtra Federation and others (MNCs, traders, and ginners, among others), including cotton sold but not delivered.

The total cotton supply till the end of the cotton season 2023-24 (that is up to September 30, 2024) is estimated at 345 lakh bales as against the last year's total cotton supply of 355.40 lakh bales.

The estimated cotton supply consists of the opening stock of 28.90 lakh bales at the beginning of 2023-24 season and cotton pressing numbers forecast for the season at 294.10 lakh bales and imports of 22 lakh bales.

CAI estimated cotton imports for the season to be 9.50 lakh bales higher at 22 lakh bales, compared to 12.50 lakh bales in the last season.

The domestic consumption is estimated at the same level as last year, that is 311 lakh bales.

The exports for the season are estimated to be 1.50 lakh bales lower at 14 lakh bales, compared to 15.50 lakh bales last year, CAI added. PTI SM SHW