Cotton prices have increased to more than Rs 7000 per quintal as against the minimum support price (MSP) of Rs 5825/quintal for long staple cotton. While prices of soyabean seeds are ruling above Rs 7000/quintal as against MSP of Rs 3880/quintal.
‘Loose cotton offtake dips to 5.45 lakh bales in India’
May 12, 2021
From 26 lakh bales in 2010, loose cotton consumption falls India’s loose cotton consumption dropped steeply from 26.10 lakh bales (each of 170 kg) in 2010-11 to 5.45 lakh bales in 2019-20.
A survey conducted by Sardar Vallabhbhai Patel International School of Textiles and Management, Coimbatore, revealed that loose cotton consumption dropped considerably during the review period.
“Due to the Covid-19 pandemic, the average consumption of loose cotton this year has been adversely impacted by 25 per cent i.e. equivalent quantity of 1.82 lakh bales in view of general conditions of reduced economic activities,” the survey findings said. It also added that in a non-covid year, loose cotton consumption in the country could have been the equivalent to 7.27 lakh bales. Notably, loose cotton is priced a little lower than the prevailing benchmark cotton prices.
Cotton exports top last season’s shipments
May 11, 2021
Lower domestic prices made global buyers turn to Indian cotton Building up on lower domestic cotton prices, Indian exporters have so far shipped over 75 per cent of the 65 lakh bales (each of 170 kg) of cotton exports projected for the whole year 2020-21.
Cotton Association of India’s (CAI) latest data showed shipments as on April 30 at 50 lakh bales. This means, India by April has shipped out what was exported during the whole of last season. The trade body, in its revised export projections, has estimated India’s cotton exports for the year at 65 lakh bales.
USDA pegs next season’s cotton crop 4% higher, industry keeps its finger crossed
May 10, 2021
Natural fibre’s output projected at 378 lakh bales on 5% higher yield The US Department of Agriculture (USDA) has pegged India’s cotton production next season (October 2021 - September 2022) at 378 lakh bales (of 170 kg each), up four per cent from its current season’s estimate of 362.5 lakh bales.
But the Indian textile industry feels that it is too early to make any projection, given the vagaries of the South-West Monsoon.
In its “Cotton and Products Update”, it said that the higher production would be in view of yield increasing by five per cent as the South-West Monsoon has been forecast to be normal by the India Meteorological Department (IMD).
Covid wave to shrink cotton consumption by 8 per cent
May 02, 2021
The Government of India’s top cotton crop assessment body has projected cotton consumption to dip by a little more than 8 per cent owing to the latest Covid-19 wave and the subsequent lockdowns in several States.
The Union Ministry of Textiles’ Committee on Cotton Production and Consumption (COCPC) has reduced cotton consumption for season 2020-21 (October to September period) from 330 lakh bales (each of 170 kg) to 303 lakh bales, primarily due to the current lockdowns as the severe second wave of Covid has gripped the entire nation.
Exports likely to take a hit