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Olam Outbids Dreyfus in the Battle for Namoi CottonOlam Agri Holdings Ltd. has yet again trumped Louis Dreyfus Co.’s bid for Namoi Cotton Ltd., as the two major agricultural traders vie for the Australian cotton producer. The Singaporean-based company will increase its bid for Namoi to A$0.70 a share, three cents higher than LDC’s most recent bid on Tuesday, it said in a statement on Wednesday. Its latest offer values the company at around A$144 million . The traders have progressively raised their offers in recent weeks, and shares in Namoi — the largest Australian-owned cotton processor — have climbed to the highest since 1999.The companies are vying to gain a bigger foothold in Australia’s cotton industry, which is the world’s sixth biggest. Olam Agri acquired Queensland Cotton in 2007 and owns a number of ginning facilities in New South Wales and Queensland. LDC bought Dunavant’s Australian cotton business in 2010 and owns three processing plants in the country.Olam Agri offered A$0.66 cents a share for Namoi late last week, contingent on getting backing from more than half the company’s shareholders. At the time, it said it would pay A$0.70 if it successfully secured at least 90% support. However, that was rebuffed when Rotterdam-based LDC, which currently holds around 17% of Namoi’s shares, said a day later that it wouldn’t accept Olam Agri’s bid. Namoi’s biggest shareholder, Samuel Terry Asset Management Pty Ltd., said in a letter to directors that it supported Olam’s latest bid.Read more : - The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore

The rupee fell by 1 paise to settle at Rs 83.52 versus the US dollar this evening.At the end of trading, BSE Sensex fell 45.46 points or 0.062% to close at 73,466.39. On the other hand, NSE's 50-share index Nifty closed at 22,304.90 with a marginal gain of 2.40 points or 0.011%.Read more :- Initiatives Aimed at Reviving Cotton Production in Africa

The rupee saw a 2 paise decline against the dollar this evening, closing at Rs 83.51.At the end of trading, BSE Sensex closed at 73,511.85, up 383.69 points or 0.52%. Whereas NSE's 50-share index Nifty closed at 22,301.45 with a decline of 141.25 points or 0.63%.Read more :-  Pakistan: Government Sets Target of 6.5 Million Cotton Bales

The rupee fell 7 paise to settle at Rs 83.49 versus the US dollar this evening. At the end of trading, BSE Sensex closed at 73,895.54, up 17.39 points or 0.024%. Whereas NSE's 50-share index Nifty closed at 22,442.70 with a decline of 33.15 points or 0.15%.Read more : -  The Cotton Corporation of India (CCI) Plans to Open Depots in Coimbatore

There are plans to open depots in Coimbatore by the Cotton Corporation of India (CCI)The Cotton Corporation of India (CCI) is planning to establish two depots in Coimbatore and nearby areas to facilitate the sale of cotton to spinning mills in Tamil Nadu. This move is part of their efforts to make cotton more accessible to textile mills, particularly in the small and medium-scale sector.The CCI, a public sector entity, has procured a significant amount of cotton from farmers at Minimum Support Price (MSP) during the current cotton season, amounting to nearly 35 lakh bales. They have already sold around six lakh bales of this cotton. By establishing depots in Coimbatore, they aim to streamline the distribution process and provide easier access to cotton for local textile mills.The chosen locations for these depots are Singanallur and Avinashi. The cotton sales will be conducted through e-auctions exclusively for mills registered with CCI. It's estimated that approximately 5,000 bales of cotton will be sold daily from these depots, benefiting MSME spinning mills in Tamil Nadu.One notable advantage for mills purchasing from these depots is the ability to inspect samples and assess cotton quality firsthand, which was not possible when buying from out-of-state warehouses. Additionally, purchasing directly from CCI reduces reliance on intermediaries and can potentially expedite the procurement process.While the volume of cotton sold by CCI remains relatively small compared to private traders, the initiative is expected to significantly benefit MSME mills in Tamil Nadu. The removal of market cess on cotton by the Tamil Nadu government in 2021 further encourages the sale of cotton through CCI depots in the state, making it a more attractive option for local textile manufacturers.Read More :> Pakistan: Government Sets Target of 6.5 Million Cotton Bales

Pakistan: 6.5 million cotton bales are the government's goal.At the third review meeting on cotton crop held at Muhammad Nawaz Sharif University of Agriculture, Punjab's Minister for Agriculture, Syed Ashiq Hussain Kirmani, expressed confidence in Punjab's ability to achieve the target of 6.5 million cotton bales this year.Kirmani underscored the significance of cotton cultivation in Punjab and the government's commitment, directed by Punjab Chief Minister Maryam Nawaz, to revive cotton production in the region.He outlined plans to rejuvenate south Punjab as a leading cotton hub, highlighting cotton's pivotal role in bolstering the national economy.Kirmani assured the utilization of all available resources to meet cotton cultivation and production targets, with various projects underway to usher in a green revolution in the province.He ensured the availability of quality agricultural inputs at fixed prices and instructed the Agriculture Extension and Pest Warning staff to organize monthly activities for efficient management.Furthermore, Punjab Agriculture Secretary Iftikhar Ali Sahoo stressed the regular conduct of Divisional and District Advisory Committees meetings.Kirmani emphasized the importance of implementing technical advisories from the Agriculture department and cautioned against any negligence in guiding farmers.He advocated for digital monitoring of field staff activities in cotton areas and urged them to enhance their professional skills in assisting farmers.Measures to boost the breeding capacity of beneficial insects and postpone chemical sprays on cotton were also recommended.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence

The rupee appreciated 5 paise against the dollar this evening, closing at Rs 83.42.At the end of trading, BSE Sensex closed at 73,878.15, down 732.96 points or 0.98%. At the same time, NSE's 50-share index Nifty closed at 22,475.85, falling 172.35 points or 0.76%.Read more  :- Initiatives Aimed at Reviving Cotton Production in Africa

Efforts to Revitalize African Cotton ProductionIn a strategic partnership, Better Cotton and Afreximbank, with support from the World Trade Organization (WTO), are spearheading initiatives to bolster cotton production across Africa, particularly in Nigeria.Recent measures by the Central Bank of Nigeria (CBN) restricting forex access for textile imports have led to a modest resurgence in Nigeria's cotton market.To further amplify production, Afreximbank has introduced the African Cotton Initiative (AFRICOTIN), aimed at invigorating the entire cotton value chain to generate substantial income opportunities for millions across the continent.Afreximbank's commitment is evident with a robust cotton pipeline, including $195 million  in textile and cotton Parks in Burkina Faso and textile and garments industrial parks in Nigeria.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence

The rupee fell 4 paise to settle at Rs 83.47 versus the US dollar this evening.At the end of trading, BSE Sensex closed at 74,611.11, up 128.33 points or 0.17%. Whereas NSE's 50-share index Nifty closed at 22,648.20, up 43.35 points or 0.19%.Read more :- ICE Cotton Faces Sharp Decline Amid Market Turbulence

ICE Cotton Sees Dramatic Drop In the midst of market volatility15-Month Low for ICE Cotton prices plunged to a fifteen-month nadir on Wednesday, influenced by declining crude oil prices and the persistent high Federal Reserve interest rates amidst heightened inflation.Price Details The July US cotton contract saw a significant reduction, closing at 76.51 cents per pound, before further dropping to 76.05 cents. From the start of April, this contract has descended by 1,680 points from 93.31 cents. Similarly, the December contract settled at 75.17 cents, down by 918 points over the last month.Impact of Crude Oil and Dollar Index Crude oil's nearly 3% drop due to increased supply and a calmer Middle East significantly impacted cotton prices. The US dollar index, despite its strength, slightly eased after Federal Reserve remarks, offering some support to cotton prices.Market Dynamics trading activity was robust with 56,592 contracts on Wednesday. Open interest for July increased, indicating a rise in speculative short positions.Stock Movements the ICE Cotton exchange began with certified stocks at 183,114 bales, experiencing movements in certifications and awaiting further review of 1,700 bales.Market Outlook the current lower cotton prices benefit mills, yet the volatility makes strategic purchasing challenging. Continued low prices could lead to financial strains for US growers and potentially affect future sowing decisions.Recent Trading Session Updates During Thursday's session, there was a mixed response in cotton prices. The July 2024 contract rose by 0.61 cent to 77.12 cents per pound, while other contracts saw varied adjustments.Read More :> How 5G, AI and a cotton revolution helped China beat US Xinjiang sanctions

In early trade, the rupee opened unchanged against the US dollar at 83.43.The rupee traded on a flat note at 83.43 against the US dollar in early trade on Thursday amid a strong greenback after the American central bank decided to keep interest rate unchanged.Sensex 200 pts up, Nifty Bank above 49,300 markBSE Sensex and NSE Nifty 50 opened flat on Thursday. Sensex opened 91.05 points, or 0.12 per cent lower at 74,391.70 while Nifty opened 37.00 points, or 0.16 per cent lower at 22,567.80.Read More :> Promoting Prompt Payments in Alignment with the Income Tax Act for MSMEs