The Indian rupee closed at 83.60 per dollar on Wednesday, up 7 paise from Tuesday's close of 83.67 per dollarAt the end of trading, the Sensex closed at 85,169.87 with a gain of 255.83 points or 0.30 percent. On the other hand, the Nifty closed at 26,004.15 with a gain of 63.75 points or 0.25 percent.Read More :- Clouds of crisis on cotton crop in Maharashtra
Maharashtra's cotton crop is facing clouds of calamityMarathwada, which is known as a cotton producing region, has not been able to sow cotton at the expected level in any district except Parbhani and Latur this year. Apart from this, adverse weather conditions are still continuing, due to which there is uncertainty about the future of cotton crop.In three districts under Chhatrapati Sambhajinagar Agriculture Division, cotton was cultivated on only 9 lakh 18 thousand 3 hectares as against the average sowing of 10 lakh 59 thousand 324 hectares. At the same time, in the five districts of Latur Agriculture Division, cotton was sown on only 4 lakh 54 thousand 806 hectares as against the average sowing of 4 lakh 85 thousand 88 hectares. Districts like Parbhani, Chhatrapati Sambhajinagar, Jalna, Beed and Nanded are considered to be the main cotton producing districts, but this time cotton sowing could not be done as expected in the rest of the districts except Parbhani. On the other hand, in districts like Latur, where soybean sowing is more, cotton acreage has more than doubled from the average.Although Latur's area is much smaller than the traditional cotton producing districts, the increase in cultivation here is considered significant. Cotton acreage is prominent in Jalkot and Ahmedpur talukas of Latur district. Farmers said that currently the cotton crop is in the flowering and boll stage, where 10 to 12 to 30 to 40 bolls are being seen.Persistent crisesDue to heavy rains in early September, cotton crop had to face the problem of sudden death in many places. Farmers who tried to control it got partial success. However, the danger of sudden death due to rain still remains in some areas. Apart from this, the impact of diseases like Bandsad and Lalia is also being seen on the cotton crop due to the infestation of pests, diseases and sucking insects. The problem of sudden death was seen severely in Beed, Shirur Kasar, Gevrai and Majalgaon talukas of Beed district, which has been recorded by the agriculture department. Experts said that this problem is also persisting in some parts of Chhatrapati Sambhajinagar and Jalna districts.Read More :- Cotton is being sold at more than the minimum support price in the grain markets of Haryana
In early trade, the rupee climbs 9 paise to 83.58 against the US dollar.Indian rupee opened 9 paise higher at 83.58 per dollar on Wednesday versus Tuesday's close of 83.67.The Sensex was down 153.98 pointsThe Sensex was down 153.98 points or 0.18 percent at 84,760.06, and the Nifty was down 73.50 points or 0.28 percent at 25,866.90.READ MORE :> Cotton is being sold at more than the minimum support price in the grain markets of Haryana
Indian rupee ended 12 paise lower at 83.67 per dollar on Tuesday against Monday's close of 83.55."Nifty Crosses 26,000 Amid Volatile Session; Sensex Ends Flat"Indian equity indices ended the trading session on September 24, 2024, on a flat note after a volatile session, despite the Nifty crossing the 26,000 mark for the first time. By the close, the Sensex was down by 14.57 points, or 0.02%, settling at 84,914.04, while the Nifty edged up by 1.40 points, or 0.01%, to 25,940.40. Read more:- Cotton is being sold at more than the minimum support price in the grain markets of Haryana
In Haryana's grain markets, cotton is being sold for more than the minimum support price.Hodal:- At present, the cotton crop is being sold at a price higher than the minimum support price (MSP) in the grain market of the sub-division. The main reason for this is the decrease in the area of cotton cultivation and the fall in production due to waterlogging due to rain. Although the crop has been damaged due to rain, the farmers are getting some relief by getting high prices. Currently, farmers are reaching the market of Hodal to sell cotton, where the price of cotton ranges from Rs 7400 to Rs 7900 per quintal.In 2023, till September 23, 11,528 quintals of cotton had arrived in the market, whereas in this financial year so far only 4144 quintals of cotton have arrived in the market. The MSP for short-fiber cotton has been fixed by the government at Rs 7121 and for long-fiber cotton at Rs 7521 per quintal. Long-fiber cotton is mainly grown in the Hodal area. Till last season, farmers had to agitate to sell cotton at MSP, whereas this time the situation is reversed. Due to reduction in cotton acreage and waterlogging in the fields due to heavy rains in September, there has been a huge reduction in production. This has increased the demand for cotton in the market and traders are buying cotton by paying good prices.Quality affected due to weatherThis year the quality of cotton has been affected due to adverse weather conditions, yet farmers are getting good prices. All the cotton that has come to the market so far has been purchased privately. In early September 2023, the price of cotton was Rs 5200 to Rs 6000 per quintal, which has now increased to Rs 7400 to Rs 7900. Due to paddy harvesting and wheat sowing in November, farmers are bringing less cotton to the market. The crop has suffered a lot due to heavy rains in the area.Big loss due to rainAccording to Mandi Secretary Virendra Kumar, till 23rd September last year, 11,528 quintals of cotton had arrived in the Mandi, whereas this year till now only 4144 quintals of cotton have arrived, which indicates that the crop has suffered a lot due to rain. Agriculture department officials believe that due to more diseases in the crop, farmers have also reduced the sowing of cotton this time.Read More :>India begins monsoon retreat with excess rain
The rupee appreciated by 1 paisa against the dollar this evening, closing at Rs 83.55At the end of the trading session, the Sensex rose 384.30 points or 0.45 per cent to close at 84,928.61 and the Nifty rose 148.05 points or 0.57 per cent to close at 25,939.Read More :- India begins monsoon retreat with excess rain
India begins monsoon retreat with surplus rainThis year's monsoon in India began retreating from the northwest about a week later than usual, the India Meteorological Department (IMD) said in a statement.India's annual monsoon rainfall provides about 70% of the water needed for agriculture and to fill reservoirs and hydroponics, the mainstay of the nearly $3.5 trillion economy. Without irrigation, about half of India's agricultural land depends on monsoon rains, which typically last from June to September.The monsoon normally begins in June and begins retreating by September 17, but this year the rains continued, filling reservoirs but damaging crops in some states that were ready to be harvested.Reuters reported in August that monsoon rains this year could extend until late September due to the development of a low-pressure area.According to the IMD, monsoon rainfall so far this season has been 5.5% above average.The IMD said conditions are favourable for further withdrawal of monsoon from west Rajasthan and parts of Punjab, Haryana and Gujarat during the next 24 hours.
In early trade, the rupee climbs 6 paise to 83.46 against the US dollar.The rupee entered its third week of rally and appreciated 6 paise to 83.46 against the US dollar in early trade on Monday, tracking positive momentum in domestic equity markets amid a massive inflow of foreign funds.Read More :> Cotton season likely to get prolonged due to continuous rains in Maharashtra
Maharashtra's ongoing rains are expected to extend the cotton seasonEvery year, farmers used to get the required money by selling their first cotton crop during Dussehra and Diwali. However, this year, due to continuous rains, the process of formation and blooming of cotton bolls is getting delayed, due to which the cotton season is likely to get prolonged. According to experts from the Central Cotton Research Institute, this delay can have a significant impact on the cotton crop this year.Cotton is mainly grown on drip irrigation system in Jalgaon and Khandesh region, due to which farmers sow cotton before the monsoon, in the month of May. Usually, this crop is harvested during Dussehra and Diwali, which helps farmers to raise the required money for the festivals. This year too, the cotton crop is on the verge of ripening, but the boll blooming is being hampered due to rain.Vivek Shah, an expert from the Central Cotton Research Institute, recently inspected Jalgaon district, in which he observed that 40 to 45 pods were present on the cotton plants, but only two to three of them had bloomed. Due to continuous rains, the crop did not get enough sunlight, which has adversely affected the bolls.Given this situation, experts believe that this year the cotton season may be extended for a few weeks. This has also reduced the possibility of large arrivals of cotton in the mandis during Dussehra and Diwali, which may affect the farmer and the market.Read More :- Maharashtra Cotton Association Aurangabad Conference
PRESENTATION THOUGHTS & KEY TAKEAWAYS FROM SANCHIT RAJPAL JIGlobal consumption must rise, or some countries need to reduce cotton production.With China's macro-economic situation slowing down and demand weakening, can Bangladesh, Pakistan, and India step in to replace China in global imports? As per some estimates there can be a reduction of 25% in demand from China.India must reform its MSP policy-continuously raising MSP while maintaining the import duty will cripple the spinning industry.The world has moved on to 7th Generation of BT seeds but we are still on the 3rd generation. Given the significant depletion of our closing stocks, an increased cotton supply will be essential in coming days.Even with 11% duty on Imports we have seen a good imports in last few months? If ICE futures remain range bound and with CCI in procurement can we see more imports happening?It's crucial for our industry to take serious steps in gathering accurate crop data, including production and consumption. In these challenging times, having precise data will help us stay prepared for any unexpected situations.Read More :- Cotton season likely to get prolonged due to continuous rains in Maharashtra
Maharashtra Cotton Association's Conference at AurangabadKey Insights from Chief Guest Lalit Gupta at the Cotton ConferenceLalit Gupta ji expressed pleasure at being invited as the chief guest at the conference, noting the high registration and distinguished attendees. He stated that the conference outcomes will provide a clear picture of the upcoming season and aid in understanding pricing mechanisms.He emphasized the importance of digital technology for ginners, farmers, seed crushers, and millers to stay updated on current market scenarios. Gupta announced that farmers' accounts are now linked to Aadhaar, facilitating direct payments with a tracking system available in 11 languages.It was decided that no procurement will take place after sunset. An online ginning tender system has been implemented, ensuring timely payments and effective storage management. Gupta confirmed that no deductions will be made for weights up to 165 kg per bale, down from the previous 170 kg. This year, CCI has successfully procured around 33 lakh bales using QR codes for online sales to traders and millers.Read More :- Maharashtra Cotton Association Aurangabad Conference Highlights
Highlights of the Maharashtra Cotton Association Aurangabad ConferenceMr. Shri Bhupendrasingh Rajpal, President of the Maharashtra Cotton Association, urged farmers and ginners to focus on Kasturi brand cotton to secure profits of ₹1,000-1,500 per candy. He emphasized the need for mandatory data submission from ginners and millers to improve crop estimates, with penalties for non-compliance.He called for a hedging system akin to those in China and Brazil to ensure business sustainability and congratulated Gujarat farmers for producing high-quality cotton that commands substantial premiums. This season, a trash percentage standard of 3.5% has been established, with deductions for higher levels.Rajpal also announced the formation of the Marathwada Cotton Association, alongside existing associations in Vidarbha and Khandesh. While current cotton crop conditions are good, he noted that a 5% reduction in sowing could significantly impact yields. Cotton associations continue to support the textile industry by maintaining a ₹2 per unit electricity subsidy.Additionally, the Bureau of Indian Standards (BIS) decision is on hold for another two years, and fertilizer bags have been made colorful to prevent contamination.Read More :- Bumper arrival of cotton in MP on the fifth day of Muhurta, rate increased by ₹ 200, farmers happy
Cotton arrived in MP in bumper crop form on the fifth day of Muhurta, with a tariff hike of ₹ 200, making farmers pleasedKhargone: The A-category cotton market in Khargone, Madhya Pradesh has been witnessing a steady increase in the arrival of cotton since the Muhurta. On Friday, on the fifth day of the auction, 7,300 quintals of cotton arrived, which was 2,300 quintals more than Thursday. Khargone district is the largest cotton producer in the state and the cotton here is famous in the country and abroad as 'white gold'.Every year cotton is cultivated in about 2.25 lakh hectares, and along with the district, farmers from Barwani, Khandwa, Dhar also come here to sell their produce.Cotton pricesAccording to market sources, on Friday, farmers arrived in the market with their produce in 54 bullock carts and 556 vehicles. Good quality cotton was sold up to ₹ 7,415 per quintal, while the minimum price was ₹ 4,000. The average price was recorded at ₹6,150 per quintal.Arrival of maize and soybeanMaize, wheat and soybean also arrived well at Krishi Upaj Mandi located at Bistan Road:1. Maize: Minimum price ₹1,550 and maximum ₹2,252 per quintal, average ₹1,630 per quintal.2. Wheat: Minimum ₹2,530 and maximum ₹2,760 per quintal, average price ₹2,630 per quintal.3. Soybean: Minimum ₹3,800 and maximum ₹4,346 per quintal, average price ₹4,160 per quintal.Overall, there is a happy atmosphere among the farmers due to the arrival of cotton and other crops.Read More :- Low Cotton Sowing in Kharif Season Could Impact India’s Textile Export Targets Amid Production Decline
The rupee strengthened 12 paise against the dollar to settle at Rs 83.56 this eveningToday (September 20) was a very eventful day in the Indian stock market. Both equity indices Sensex and Nifty closed at record highs on the last day of the trading session. The BSE Sensex closed at 84,574, up 1389 points. While the NSE Nifty closed at 25,818, up 403 points.Read More :- Low Cotton Sowing in Kharif Season Could Impact India’s Textile Export Targets Amid Production Decline
India's Textile Export Targets May Be Affected by Low Cotton Sowing During the Kharif Season Due to Production DeclineThe reduction in cotton sowing during the current kharif season is raising concerns about India's ability to meet its ambitious textile export goals. This comes at a time when Indian readymade garment (RMG) exporters were hoping to capitalize on the ongoing crisis in Bangladesh, according to industry sources.As of September 13, cotton sowing had declined to 11.24 million hectares, compared to 12.36 million hectares during the same period last year, as per agriculture ministry data. This drop adds to the challenges already faced by Indian cotton production in recent years“Production has been contracting, and this year’s low sowing levels are expected to further reduce cotton bale output,” an industry insider said. It is hoped that sowing might reach 11.6 million hectares, with additional contributions from summer sowing in Tamil Nadu, Telangana, and Karnataka.Impact on ExportsThe dip in cotton production could impact India’s textile exports, which have already been on a downward trend. After peaking at $41.12 billion in FY22, textile exports fell to $35.55 billion in FY23 and further to $34.40 billion in FY24. With reduced cotton sowing, achieving the government's export target of over $40 billion by FY25 will be challenging.India’s cotton production, which reached 36 million bales in FY20, has been declining, with current estimates for FY24 at 32 million bales.Shift to Other CropsMany cotton farmers are switching to alternative crops like soybean and paddy due to outdated seed technology and high labor costs. “Cotton cultivation requires more resources and effort compared to other crops like soybeans, making it less attractive to farmers,” said Ganesh Nanote, a cotton farmer in Maharashtra.Growing Export GoalsIndia’s textile and apparel industry is projected to grow at 10% CAGR, reaching $350 billion by 2030. The country also aims to scale up textile exports to $100 billion by 2030. However, low cotton sowing and rising cotton prices could pose a significant risk to this ambition.India's textile sector contributes 2.3% to GDP and 12% to exports, and the government has increased its budget allocation for the sector to ₹4,417.09 crore for FY25 to support growth.However, challenges like a 10% import duty on cotton fibre and rising raw material costs could undermine India's export competitiveness, according to industry experts like Mihir Parekh from the Foundation for Economic Development (FED).Read More :- Dip in Sowing Area and Rain Concerns Push Cotton Prices Up in Gujarat
In early trade, the rupee advances 4 paise to 83.61 against the US dollar. This comes after the rupee strengthened by 10 paise to hit its two-month high level of 83.66 against the US dollar on Thursday after the US Federal Reserve cut the benchmark interest rateRead More :> Dip in Sowing Area and Rain Concerns Push Cotton Prices Up in Gujarat
| title | Created At | Action |
|---|---|---|
| On Wednesday, the Indian rupee rose by 7 paise to close at 83.60 per dollar, while on Tuesday it closed at 83.67 per dollar | 25-09-2024 23:27:31 | view |
| Clouds of crisis on cotton crop in Maharashtra | 25-09-2024 20:10:48 | view |
| Rupee rises 9 paise to 83.58 against US dollar during early trade | 25-09-2024 17:32:06 | view |
| The rupee weakened by 12 paise, closing at 83.67 against the US dollar. | 25-09-2024 00:44:12 | view |
| Cotton is being sold at more than the minimum support price in the grain markets of Haryana | 24-09-2024 18:14:27 | view |
| This evening, the rupee strengthened by 1 paisa to close at Rs 83.55 against the dollar | 23-09-2024 23:32:14 | view |
| India begins monsoon retreat with excess rain | 23-09-2024 22:27:10 | view |
| Rupee rises 6 paise to 83.46 against US dollar during early trade | 23-09-2024 17:26:15 | view |
| Cotton season likely to get prolonged due to continuous rains in Maharashtra | 21-09-2024 21:23:44 | view |
| SANCHIT RAJPAL JI PRESENTATION THOUGHTS & KEY TAKEAWAYS | 21-09-2024 20:52:22 | view |
| Maharashtra Cotton Association Aurangabad Conference | 21-09-2024 20:32:52 | view |
| Maharashtra Cotton Association Aurangabad Conference Highlights | 21-09-2024 19:59:34 | view |
| Bumper arrival of cotton in MP on the fifth day of Muhurta, rate increased by ₹ 200, farmers happy | 21-09-2024 18:24:45 | view |
| This evening, the rupee closed at Rs 83.56, up 12 paise against the dollar | 20-09-2024 23:26:58 | view |
| Low Cotton Sowing in Kharif Season Could Impact India’s Textile Export Targets Amid Production Decline | 20-09-2024 18:11:04 | view |
| Rupee rises 4 paise to 83.61 against US dollar in early trade | 20-09-2024 17:22:57 | view |
