Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid DiscrepanciesThe growing trend of cotton cultivation in Bangladesh as farmers aim to meet local demand and reduce reliance on imports. However, their satisfaction is dampened by the disappointing prices in the domestic market. Despite increased cultivation costs, such as seeds, fertilizers, diesel, pesticides, and labor, farmers are receiving prices below their expectations.Currently, local production covers less than 2 percent of the annual cotton requirement, leading to significant imports costing over $3 billion annually. This year, cotton cultivation has expanded by nearly 2 percent, covering 46,000 hectares, with the government targeting a production of 2.28 lakh bales, up from 2.10 lakh bales the previous season.The Cotton Development Board (CDB) has observed a growing interest in cotton cultivation, particularly with a shift towards hybrid varieties. Efforts are being made to disseminate improved farming methods and promote companion cropping with various vegetables. Fakhre Alam Ibne Tabib, the executive director of CDB, acknowledged the farmers' concerns about market prices and assured discussions to address their demands. The CDB has also initiated measures to support cotton cultivation, including land identification and financial incentives, with an allocation of Taka 10 crore designated to support 12,375 trained farmers this year.Looking ahead, the CDB envisions substantial growth in cotton production, aiming for 15.80 lakh bales from two lakh hectares of land by 2040. This reflects the recognition of cotton's pivotal role in sustaining the textile industry, a vital sector for Bangladesh's economy.Read More....👇🏻👇🏻👇🏻👇🏻Telangana: CCI procures 12.31 lakh tonnes of cotton
"India Braces for Above-Normal Heat Waves and El Nino Impact: IMD Forecasts for March-May"The India Meteorological Department (IMD) has issued forecasts for the upcoming months, anticipating higher-than-usual heat wave days across most parts of India from March to May. The El Nino climate pattern is expected to worsen heat wave conditions during this period. However, northeast India, the western Himalayan region, and the southwest peninsula may see fewer heat wave days.In March, the IMD predicts an elevated number of heat wave days in peninsular India, many parts of Maharashtra, and some areas of Odisha and adjoining regions. Additionally, above-normal minimum temperatures are expected nationwide during March to May. The onset of hot weather is projected to begin in southern states in March, signaling the commencement of summer in India.Contrastingly, normal to below-normal maximum temperatures are anticipated over large parts of east and east-central India, along with portions of the northwestern regions in March. Furthermore, the IMD expects rainfall to be above normal at 117% of the long period average over India in March.Last month, India experienced 13% below normal rainfall, with the southern peninsula receiving rainfall at 91% below normal. The IMD notes that this was the fourth lowest recorded rainfall in February since 2001 in southern parts of the country.Looking ahead, El Nino conditions are expected to gradually weaken in the coming months, reaching neutral conditions over India by the beginning of the monsoon season (Jun-Sep). Neutral conditions bode well for the country, as El Nino is associated with deficient precipitation in India.While India received normal rainfall last year, two homogenous regions out of four reported below-normal precipitation, affecting the sowing of key kharif crops such as rice and pulses in 2023-24. The IMD suggests that La Nina conditions may prevail in the latter half of the upcoming monsoon season, potentially leading to improved rainfall compared to the previous year. La Nina represents the cool phase of the El Nino Southern Oscillation cycle and is associated with favorable conditions for rainfall in India.Read More...👇🏻👇🏻👇🏻👇🏻Indian textile industry welcomes removal of import duty on ELS cotton
Textile Demand Holds the Key to Cotton Price course, Says International Cotton Advisory Committee"The recent surge in global cotton prices, attributed primarily to speculative buying on the futures market, has left the cotton industry anxiously awaiting the trajectory of textile demand. Despite subdued demand from textile mills, domestic cotton prices have seen a significant increase in the last two weeks.Nishanth Asher, Secretary of the Indian Cotton Federation, revealed that over 60% of the cotton produced this season has entered the market. However, with rising prices, daily arrivals have dropped from 1.8 lakh bales to nearly one lakh bales. Asher pointed out that spinners are now risk-averse due to the low global demand for textiles.The uncertainty surrounding future prices is evident, with world cotton prices experiencing a 15% surge in the last two weeks and a subsequent 3% correction on Friday. Asher stated that the price trajectory will largely depend on the demand for main textile products. If demand remains subdued, prices are expected to cool down.The International Cotton Advisory Committee, on March 1, noted that the recent surge in global cotton prices can be attributed to speculative buying on the futures market. The committee expects the real situation to unfold in the coming months as plantings intensify. If the planted area remains lower than the previous season and consumer sentiment improves, prices may increase.Atul Ganatra, Chairman of the Cotton Association of India, highlighted that the Intercontinental Exchange (ICE) futures market rose from 80 cents to 103 cents per pound in recent days and slightly reduced on March 1. He emphasized that, at current prices, Indian cotton is more affordable than international prices, predicting that cotton exports are likely to exceed 20 lakh bales this season.Read More...👇🏻👇🏻👇🏻👇🏻Cotton Payments: Dues of cotton growers are pending with CCI
Vidarbha Cotton Growers Benefit from Global Cotton Shortage: Cold Weather in China and Low US Yield Drive Prices UpSevere cold weather disrupting crop cycles in China and a decline in yields from the US have unexpectedly benefited cotton growers in Vidarbha. Presently, they are fetching prices slightly above the minimum support price (MSP) of Rs 7,020 per quintal. However, this positive turn may come too late for most farmers who already sold their cotton at prices below MSP earlier in the season.Sources report that the extreme cold in China and reduced acreage in the US have contributed to a global shortage of cotton, leading to prices exceeding MSP in Vidarbha. Despite the current increase, it falls short in comparison to the Rs 13,000 per quintal achieved in the 2022 season.The harvest season in Vidarbha began in October with low yields and poor rates due to unseasonal rains damaging the crop. Farmers had to settle for lower prices in the open market. However, within a month, market rates have risen by ₹1,000, reaching ₹7,400 per quintal in Yavatmal on average and over ₹8,000 in Akot tehsil of Akola district. Reports of low global stocks have further fueled these rates.Manish Jadhav of Swabhimani Shetkari Sanghatana noted that over half of the farmers have already sold their stocks, and in some marketplaces, rates are only marginally above the MSP.Traders caution that although rates are currently higher, they may not sustain their peak levels for long. International prices, which touched $1.05 for a pound of lint, have now settled at 97 cents, still keeping prices above MSP for Vidarbha farmers.Prashant Mohta, the managing director of Gimatex Limited, cited extreme cold weather affecting output in China and a fall in US yields as factors influencing the market. The bullish demand for garments in China has driven processed cotton prices from ₹58,000-₹59,000 to ₹62,000 per candy, subsequently making raw cotton sold by farmers more expensive.Farm activist Vijay Jawandhia suggests that the government should incentivize cotton exports to further boost rates. He emphasizes that the current increase is primarily due to international factors, while the prices of cotton seeds remain on the lower side domestically.Read more...👇🏻👇🏻👇🏻👇🏻Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units
The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today, the rupee opened 4 paise stronger at Rs 82.86 against the dollar. At the same time, on Friday, the rupee strengthened by 1 paise and closed at Rs 82.90 against the dollar.Today BSE Sensex opened with a rise.Today BSE Sensex opened at 73903.09 points with a gain of about 96.94 points. Whereas NSE's Nifty opened with a gain of 25.10 points at the level of 22403.50 points. Today, trading started in a total of 2,412 companies on BSE.Read More...👇🏻👇🏻👇🏻👇🏻*Ministry of Agriculture and Farmers Welfare Unveils Second Advance Estimates for 2023-24 Agricultural Crops*
Southern India Mills' Association Advises Caution to Textile Mills Amidst Cotton Price SurgeIn response to a recent surge in domestic cotton prices, the Southern India Mills' Association (SIMA) has cautioned textile mills in the southern states against panic buying. S.K. Sundararaman, the Chairman of SIMA, emphasized the need for prudence in procurement decisions as cotton prices experienced a notable increase of 10% to 12% in the last 15 days.The widely-used Shankar-6 variety of cotton, in particular, witnessed a substantial rise, reaching nearly ₹62,000 per candy from ₹55,300 just two weeks prior. Sundararaman urged mills to exercise caution and not succumb to panic buying tendencies in light of these price fluctuations.The Committee on Cotton Production and Consumption has estimated the current cotton season's production to be 316.57 lakh bales, with imports at 12 lakh bales and domestic consumption at 310 lakh bales. The surge in prices comes amid increased capacity utilization at mills, rising from 70% to 75% to a current range of 80% to 90%. Additionally, approximately 20 lakh bales have already been contracted for export.Sundararaman pointed out that the demand for cotton export may decrease as domestic prices approach international levels. The global cotton market is anticipated to experience increased availability post-July 2024, attributed to enhanced production in countries like Australia and Brazil. The Intercontinental Exchange (ICE) cotton future is also expected to undergo a significant inverse post-July 2024, potentially leading to a softening of domestic cotton prices in India.In light of the comfortable global cotton supply position and stock-to-use ratios in major consuming countries, Sundararaman advised spinning mills to resist panic buying. He stressed the importance of mills disregarding rumors and adopting a cautious approach to cotton procurement, considering the favorable global cotton supply conditions. As the situation remains dynamic, textile mills are encouraged to stay informed and make informed decisions to navigate the current cotton market fluctuations.Read More...👇🏻👇🏻👇🏻👇🏻Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"
This evening, the rupee strengthened by 1 paise and closed at Rs 82.90 against the dollar.Stock market drunk on GDP, Sensex and Nifty at record levelsToday Sensex closed at 73745.35 points with a gain of about 1245.05 points. Whereas Nifty closed at the level of 22338.80 points with a gain of 356.00 points.read more...👇👇👇👇Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units
*Ministry of Agriculture and Farmers Welfare Unveils Second Advance Estimates for 2023-24 Agricultural Crops**The Ministry of Agriculture and Farmers Welfare has recently disclosed the Second Advance Estimates for major agricultural crops, covering both Kharif and Rabi seasons, for the agricultural year 2023-24. Notably, this year's estimate distinguishes between the summer season and the Rabi season, providing a comprehensive overview of the country's crop production.**Crop Production Highlights (Kharif & Rabi):*Kharif Foodgrains: 1541.87 LMTRabi Foodgrains: 1551.61 LMTKharif Rice: 1114.58 LMT; Rabi Rice: 123.57 LMTWheat: 1120.19 LMTKharif Maize: 227.20 LMT; Rabi Maize: 97.50 LMTKharif Shree Anna: 128.91 LMT; Rabi Shree Anna: 24.88 LMTTur: 33.39 LMTGram: 121.61 LMTKharif Oilseeds: 228.42 LMT; Rabi Oilseeds: 137.56 LMT*Soybean: 125.62 LMT**Rapeseed & Mustard: 126.96 LMT*Sugarcane: 4464.30 LMT*Cotton: 323.11 Lakh Bales (170 Kgs. each)*Jute: 92.17 Lakh Bales (180 Kgs. each)Foodgrain and Sugarcane Production:Kharif Foodgrain Production: 1541.87 LMTRabi Foodgrain Production: 1551.61 LMTSugarcane Production: 4464.30 LMTCaveats and Future Adjustments:*Kharif crop production estimates are based on Crop Cutting Experiments (CCEs) with ongoing compilation of results. Certain CCEs for crops like Tur, Sugarcane, and Castor are still in progress.**Rabi crop production relies on preliminary area sown reports and average yield, subject to potential adjustments in successive estimates based on better yield estimates from CCEs.**The forthcoming third advance estimates will encompass production details for various summer crops.**The release of these estimates provides valuable insights into the current agricultural landscape, supporting stakeholders in planning and decision-making. As the agricultural sector remains dynamic, ongoing adjustments and updates are expected as more comprehensive data becomes available in subsequent estimates.*read more 👇👇👇👇....Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units
The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 5 paise stronger at Rs 82.86 against the dollar. At the same time, on Thursday, the rupee strengthened by 1 paise and closed at Rs 82.91 against the dollar. Today BSE Sensex opened with a rise.Today BSE Sensex opened with a gain of about 376.76 points at the level of 72877.06 points. Whereas NSE's Nifty opened at 22118.90 points with a gain of 136.10 points. Today, trading started in a total of 1,948 companies on BSE.read more👇👇👇👇....Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"
This evening, the rupee strengthened by 1 paise and closed at Rs 82.91 against the dollar.Today Sensex closed at 72500.30 points with a gain of 195.42 points. Whereas Nifty closed at the level of 21982.80 points with a gain of 31.60 points.read more....👇👇👇👇Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024
Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"The latest news on cotton prices in India indicates a significant surge to a 9-month high, breaking the Rs 61,000-mark per candy. This increase is attributed to a combination of factors including low crop arrival and high demand. Globally, cotton prices have also experienced a notable uptick, reaching an 18-month high, with a rise of 27% globally and 16% in India during February 2024.The ICE futures, a global exchange index, has observed 65-70 percent Open Interest with Funds and Speculators, reflecting increased interest and activity in cotton futures.Cotton exports from India are estimated to reach a two-year high in February, totaling 400,000 bales, with Gujarat contributing 42,000 bales daily. The Gujcot association report indicates that Indian cotton has maintained competitiveness in global markets, resulting in an estimated 2.5 million bales exported in the 2023-24 period. Key importing countries include China, Bangladesh, and Vietnam.In the 2023-24 season, approximately 215 lakh bales arrived in the country, with 75-80 lakh bales held by farmers, 32 lakh bales with the Cotton Corporation of India (CCI), and trade accounting for 18-20 lakh bales. This data suggests a robust performance in the cotton market, driven by both domestic demand and global export opportunities.
The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 4 paise stronger at Rs 82.88 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 82.92 against the dollar with a weakness of 2 paise. Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 53.96 points at the level of 72250.92 points. Whereas NSE's Nifty opened with a fall of 25.90 points at the level of 21925.30 points. A total of 1,935 companies started trading on BSE today.
This evening, the rupee closed at Rs 82.92 against the dollar with a weakness of 3 paise.Sensex closed at the level of 72304.88 points with a fall of about 790.34 points.Sensex closed at the level of 72304.88 points with a fall of about 790.34 points. Whereas Nifty fell by 247.10 points and closed at the level of 21951.20 points. Apart from this, a total of 3,921 companies were traded in BSE today, out of which about 889 shares closed with gains and 2,955 shares closed with decline.
Today the rupee opened with a weakness of 1 paise at Rs 82.91 against the dollar.The rupee opened with weakness against the dollar today. At the same time, on Tuesday, the rupee closed at Rs 82.90 against the dollar with a weakness of 1 paise. Today BSE Sensex is currently at 73133.99 and Nifty 50 is at 22215.25. These are almost flat. A trading day ago, Sensex had closed at 73095.22 and Nifty at 22198.35.read more...👇🏻👇🏻👇🏻👇🏻Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units
This evening, the rupee closed at Rs 82.90 with a weakness of 1 paise against the dollar.Stock market recovered from declineToday Sensex closed at 73095.22 points with a gain of 305.09 points. Whereas Nifty closed at the level of 22198.30 points with a gain of 76.30 points.Read more...👇🏻👇🏻👇🏻👇🏻Telangana: CCI procures 12.31 lakh tonnes of cotton
Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning UnitsReaching Rs 58,000 per candy (356kg) from Rs 55,000 earlier in the month. The rise is attributed to lower crop arrival and increased demand, impacting the competitiveness of cotton exports. The slower arrival of Indian physical cotton, particularly from Gujarat, has contributed to the price surge.Experts suggest that the fluctuations are influenced by factors such as market demand, supply dynamics, and external conditions. Despite improved demand in the textile market over the past two months, the higher cotton prices are causing challenges for spinning units in maintaining profitability.The senior vice president of the Spinners’ Association Gujarat (SAG), Jayesh Patel, noted that while there was a good demand for exports when cotton prices were stable around Rs 55,000 per candy for almost two months, the recent increase has affected export competitiveness. Cotton yarn prices have also risen from Rs 235 to Rs 255 per kilo in February, making Indian cotton more expensive in the international market.The increase in yarn prices has led to a slowdown in both domestic and international demand. Although new export orders are available at around Rs 253 per kg, inclusive of all costs, the recent spike in prices, coupled with the Rs 20 per kg increase in yarn prices, makes exports less viable even with government incentives.The report indicates that while there is optimism for continued improvement in global cotton prices, the current trend poses challenges for the Indian cotton industry, impacting both domestic and international trade.read more....👇🏻👇🏻👇🏻👇🏻Cotton Payments: Dues of cotton growers are pending with CCI
Today, the rupee opened with a strengthening of 1 paise at Rs 82.88 against the dollar.The rupee opened strongly against the dollar today. At the same time, on Monday, the rupee strengthened by 5 paise and closed at Rs 82.89 against the dollar.Sensex (BSE Sensex) is currently at 72757.07 and Nifty 50 at 22112.60. These are almost flat. A trading day ago, Sensex had closed at 72790.13 and Nifty at 22,122.05.Today i.e. on 27 February 2024, as soon as the market opened, it jumped to Rs 3,92,16,898.04 crore. This means that investors' capital has increased by Rs 14378.2 crore.read more....👇🏻👇🏻👇🏻👇🏻Indian textile industry welcomes removal of import duty on ELS cotton
This evening, the rupee strengthened by 5 paise and closed at Rs 82.89 against the dollar.Huge decline in stock marketToday Sensex closed at the level of 72790.13 points with a fall of 352.67 points. Whereas Nifty closed at the level of 22122.00 points with a fall of 90.70 points.Read more...👇🏻👇🏻👇🏻👇🏻Cotton Payments: Dues of cotton growers are pending with CCI
Cotton Payments: Dues of cotton growers are pending with CCIJalgaon News : Many farmers who sell cotton at various procurement centers of Cotton Corporation of India (CCI) have not yet received their payment. Farmers are facing problems due to non-linking of bank accounts with Aadhaar, limitation of Jan Dhan accounts and non-payment due to other reasons.Since the price of cotton in the market was not equal to the guaranteed price, many people sold cotton in the centers of 'CCI'. At that time the bank account and Aadhaar key details of the farmers were also taken. Even after selling the cotton, Aadhaar and Satbara were taken.The person concerned with the purchase center claimed that the payment would reach the bank account in two days. But even after seven-eight days, the payment has not reached the bank account and the farmers are in confusion. Farmers are going to banks and CCI centers to know that there is no mistake.Some farmers have limited bank accounts and can only get small amounts of money from government schemes such as wages. 50 thousand rupees or one or two lakh rupees cannot come in it. Some bank account names do not match with Aadhaar. So they are not linked to Aadhaar. Many bank accounts are not linked to Aadhaar.Many farmers have to go to the bank and open a new bank account. Banks are saying that they will open a new bank account in seven to eight days. This is further delaying the arrears. Dues of more than 250 farmers in Khandesh are stuck with CCI due to various reasons.The demand is that 'CCI' should issue a check in the name of the farmer in whose name the cotton has been sold. Because many farmers are old, they do not open new bank accounts or visit banks and CCI offices daily. Due to this farmers should check the details of Satbara, Aadhaar etc. Farmers demand that those checks be accepted in nationalized and co-operative banks and farmers get immediate payment.
Today the rupee opened with a gain of 5 paise at Rs 82.89 against the dollar. On Friday, the rupee closed at Rs 82.94 against the dollar with a weakness of 10 paise.Sensex is trading at 72,995.59 with a weakness of 132.75 points or 0.18% and Nifty is trading at 22,178.80 with a decline of 33.90 points or 0.15%.
| title | Created At | Action |
|---|---|---|
| Bangladesh Cotton Cultivation Surges Amidst Price Woes: Farmers Strive to Meet Demand Amid Discrepancies | 04-03-2024 20:47:30 | view |
| "India Braces for Above-Normal Heat Waves and El Nino Impact: IMD Forecasts for March-May" | 04-03-2024 19:01:10 | view |
| Textile Demand Holds the Key to Cotton Price course, Says International Cotton Advisory Committee" | 04-03-2024 18:30:42 | view |
| Vidarbha Cotton Growers Benefit from Global Cotton Shortage: Cold Weather in China and Low US Yield Drive Prices Up | 04-03-2024 18:00:41 | view |
| Today the rupee opened with a strength of 4 paise against the dollar. | 04-03-2024 17:27:59 | view |
| Southern India Mills' Association Advises Caution to Textile Mills Amidst Cotton Price Surge | 02-03-2024 18:07:47 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 82.90 against the dollar. | 01-03-2024 23:36:02 | view |
| *Ministry of Agriculture and Farmers Welfare Unveils Second Advance Estimates for 2023-24 Agricultural Crops* | 01-03-2024 20:02:50 | view |
| Today BSE Sensex opened with a rise- | 01-03-2024 17:32:13 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 82.91 against the dollar. | 29-02-2024 23:57:19 | view |
| Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024" | 29-02-2024 17:41:43 | view |
| Today BSE Sensex opened with a decline. | 29-02-2024 17:28:15 | view |
| *This evening, the rupee closed at Rs 82.92 against the dollar with a weakness of 3 paise.* | 29-02-2024 00:19:29 | view |
| Today the rupee opened with a weakness of 1 paise at Rs 82.91 against the dollar. | 28-02-2024 17:32:08 | view |
| This evening, the rupee closed at Rs 82.90 with a weakness of 1 paise against the dollar. | 27-02-2024 23:35:30 | view |
| Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units | 27-02-2024 18:54:16 | view |
| Today, the rupee opened with a strengthening of 1 paise at Rs 82.88 against the dollar. | 27-02-2024 17:04:43 | view |
| This evening, the rupee strengthened by 5 paise and closed at Rs 82.89 against the dollar. | 26-02-2024 23:28:16 | view |
| Cotton Payments: Dues of cotton growers are pending with CCI | 26-02-2024 20:34:04 | view |
| Today the rupee opened with a gain of 5 paise at Rs 82.89 against the dollar. | 26-02-2024 17:34:37 | view |
