CAI Reduces 2023-24 Cotton Pressing Forecast By 1 Lakh Bales

In its October estimate, the Cotton Association of India (CAI) has reduced its cotton pressing estimate for the 2023-24 crop season by 1 lakh bales to 294.10 lakh bales of 170 kgs each.

The October forecast is down from its previous estimate of 295.10 lakh bales of 170 kgs each.

The total supply for the month of October 2023 is projected at 54.74 lakh bales which consist of arrivals of 24.34 lakh bales, imports of 1.50 lakh bales, and opening stock estimated at 28.90 lakh bales in the beginning of the season.

Further, the CAI has forecast cotton consumption for the month of October 2023 at 26 lakh bales while, export shipments up to October 31, 2023 are estimated at 1.00 lakh bales.

Stock at the end of October 2023 is projected at 27.74 lakh bales including 25 lakh bales with textile mills and the remaining 2.74 lakh bales with CCI, Maharashtra Federation and others and includes cotton sold but not delivered.

The total cotton supply till end of the cotton season 2023-24 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 forecast of cotton supply consists of the opening stock of 28.90 lakh bales at the beginning of 2023-24 season on October 1, 2023, cotton pressing numbers estimated for the season at 294.10 lakh bales and imports for the season are projected at 22 lakh bales.

The cotton imports estimated by the CAI for the season are higher by 9.50 lakh bales compared to last year and the domestic consumption is the same as last year i.e. 311 lakh bales.

The exports for the season 2023-24 projected by the CAI are the same as estimated previously i.e. 14 lakh bales as against 15.50 lakh bales estimated for 2022-23 season.

The CAI estimates exports to be lower by 1.50 lakh bales in the ongoing 2023-24 season compared to last year.