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Madhya Pradesh: Sowing of earlier varieties of cotton beginsAs farmers have started sowing early varieties of cotton in some areas of Indore division, the agriculture department expects cotton to cover about 5.46 lakh hectares in Indore division.Indore Agriculture Department's Joint Director Alok Meena said, "The work of sowing cotton is going on in the division. The weather is looking favorable for cotton. Going by the initial trends, cotton is likely to be sown in about 5.46 lakh hectares this Kharif season. Farmers of Khandwa, Khargone and surrounding areas have started sowing of earlier varieties of cotton.According to the Agriculture Department, last year in the Kharif season of 2022, farmers had sown cotton in 5.40 lakh hectares.The per hectare productivity of cotton is also expected to increase in the kharif season, said official data."The estimated yield of cotton is seen at 1,803 kg per hectare as against last year's 1,480 kg per hectare," Meena said. The major kharif crops sown in Indore division are soyabean, cotton, maize and pulses.Kailash Agarwal, a cotton farmer and owner of ginning units in Khargone, said, “Sowing of cotton has started especially in Khargone, Barwani and Khandwa pockets. The area under cotton cultivation is increasing this kharif season as farmers got good prices for their produce last year.The average price of seed cotton in this season is around Rs 8000 per quintal, while in the last season it was Rs 6000-6200 per quintal.

Pakistan: There was no movement in the cotton market.LAHORE: The local cotton market remained stable on Monday with satisfactory trading volume.Cotton analyst Naseem Usman told that the rate of new crop of cotton in Sindh and Punjab is Rs 20,000 per head. The rate of footi in Sindh and Punjab ranges from Rs 9,000 to Rs 9,200 per head.600 bales of Sanghar and 1,000 bales of Tando Adam were sold at Rs 20,000 per head.The spot rate remained unchanged at Rs 20,000 per head.The rate of polyester fiber was reduced by Rs 10 per kg and was available at Rs 355 per kg.

Rupee opens 11 paise higher at 82.56 against US dollarThe Indian rupee opened 11 paise higher against the US dollar on Tuesday amid a dented demand for the greenback after weak US services data. The local unit opened at 82.56 a dollar as compared to Monday’s close of 82.67.

Rupee weakens by 36 paise against dollarThis evening, the rupee closed at a level of 82.67 against the dollar with a weakness of 36 paise.Sensex closed up by 240 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 62787.47 points with a gain of about 240.36 points.On the other hand, the Nifty closed at a level of 18593.80 points with a gain of 59.70 points.

Early monsoon delayed by 2-3 days - Met officialMUMBAI, June 5 (Reuters) - The onset of India's monsoon over the southern Kerala coast has been delayed by two-three days as the formation of a cyclonic circulation in the Arabian Sea has reduced cloud cover over the Kerala coast, weather official Rajendra Jadhav said. and by Mayank Bhardwaj said on Monday.The country's monsoon, the lifeblood of the $3 trillion economy, provides about 70% of the rainfall that India needs to water farmland and recharge reservoirs and aquifers.A senior IMD official said on the condition of anonymity, "The cyclonic circulation over the southeast Arabian Sea is pulling moisture from the Kerala coast."The official said monsoon is likely to arrive in the next two-three days, with farmers eagerly awaiting the onset of the rainy season, which is crucial for summer crops.Nearly half of India's agricultural land, without any irrigation cover, depends on the annual June–September rains to grow many crops.Delayed onset of monsoon may delay sowing of rice, cotton, maize, soybean and sugarcane.Another official, on condition of anonymity, said that the monsoon should pick up pace and cover the entire country in time."Let's hope it moves faster once it settles over Kerala," he added.The India Meteorological Office has predicted below-average rainfall for June, with the monsoon expected to advance in July, August and September.However, for the entire four-month season, the IMD has predicted average rainfall despite the formation of a possible El Nino weather phenomenon.A strong El Niño, marked by sea surface warming over the Pacific Ocean, could cause severe drought in Southeast Asia, India and Australia, while other parts of the world such as the U.S. Midwest and Brazil with rain.

Crop diversification efforts hampered in PunjabOfficials said state officials had set a target of bringing 3 lakh hectares under cotton in the 2023-24 kharif cycle, but they could not even come close to last year's figure, when 2.47 lakh hectares were sown in the Malwa region. I went.The state's director of agriculture, Gurvinder Singh, said a sharp decline in cotton acreage in the semi-arid region in the state's southwest region would lead to a shift to water-intensive rice cultivation. Basmati was sown in 4.6 lakh hectares in 2022 and the area could go up to 7 lakh hectares after cotton acreage came down, as farmers look to take advantage of the handsome returns from the aromatic rice variety, he said.“Climatic conditions played spoilsport this year as wheat harvesting was delayed due to rains in April. Again unseasonal rains delayed cotton sowing in the later weeks of May. The farmers' confidence was shaken after two consecutive unsuccessful crop seasons, due to adverse climatic conditions and outbreak of pests.The director said that the department is planning to solve problems on short, medium and long term challenges in crop diversification.“Unlike in 2022, the area under summer moong decreased due to delay in wheat harvesting. Diversification of crops is the key and we are creating a viable system where farmers adopt sowing of different crops with some encouragement from the government. An upcoming state agriculture policy will address the challenges before crop diversification," he said.According to official figures, Bathinda had set a target of expanding the area under cotton to 80,000 hectares this season from 70,000 hectares in 2022-23.“But it stopped at 40,000 hectares as farmers lost faith in cotton cultivation. In the last two consecutive seasons, cotton yield was severely affected due to infestation of deadly pink bollworm and whitefly. The loss of 30,000 hectares or 75,000 acres would go towards paddy cultivation. After suffering huge financial losses during the past few years, farmers are eyeing an assured income from growing non-basmati varieties, Bathinda Chief Agriculture Officer Dilbag Singh said on Sunday.Similarly, officials expected cotton area in Mansa to increase from 47,000 hectares in 2022 to 60,000 hectares this year. But data says farmers have sown cotton only on 26,000 hectares in the district.Of the traditional cotton area, about 10,000 hectares is expected to come under basmati in Sardulgarh and Bhikhi blocks, Mansa Chief Agriculture Officer (CAO) Satpal Singh said.According to Muktsar CAO Gurpreet Singh, the department worked to increase the area under cotton from 33,000 hectares to 50,000 hectares, but farmers have shifted away from the traditional crop this season.“Contrary to expectations, Muktsar could barely touch 19,000 hectares. Despite ensuring timely canal water and distribution of subsidized seeds, farmers opted to abstain from sowing the region's traditional kharif crop. Our extension teams worked hard but the cotton growers were not convinced. We are hopeful that cotton growers will shift to Basmati crop.With 90,000 hectares under cotton, Fazilka recorded half of the total area under the crop in Punjab this season.“Farmers in the arid region of Abohar in Fazilka have little option but to sow cotton. Whereas in the rest of the area, wherever irrigation facilities were better, farmers shifted away from cotton.Moong cultivation officials said the hasty political decision to promote moong in 2022 had a direct impact on legumes and cotton this year. “Green gram is a host plant of the deadly whitefly and it was not sown in the districts of south-west Punjab as the pest attack had caused huge losses in cotton production. In 2022, the state government announced to buy moong at MSP and diversification was seen to increase by 26% as compared to the previous year. But the promotion of the bean led to a widespread outbreak of whitefly, forcing the government to push mung bean into the cotton-growing region," said an official.Another agriculture department official said that out of 4.05 lakh quintals of beans produced last year, only 14% was procured at MSP, farmers have not shown much interest in sowing moong this time. “The data shows that this time, the area under the pod was a mere 21,000 hectares which is less than half of what it was in 2022. Since most of the crop was procured below the MSP, farmers felt discouraged to sow green gram ," They said.

Pakistan: Weekly Cotton Review: Rates fall amid volatility in textile sectorKarachi: There has been a decrease in the price of cotton by Rs.1000, cotton by Rs.2000, banola by Rs.1000 and oil by Rs.5000.However, textile exports have seen a decline of 20 per cent. There is a slowdown in both the local and international textile markets.However, cotton production is expected to increase if weather conditions remain favourable. Textile exporters have rejected the report of the Reforms and Revenue Collection Commission (RRMC). Apparel Forum President Javed Bilwani termed these proposals as the last nail in the coffin of the textile industry.All Pakistan Textile Mills Association (APTMA) has congratulated the Chief Minister Punjab on the successful cotton campaign. The KCA in its budget proposals stressed the need to protect the interests of all stakeholders in the cotton trade.The trading of new crop cotton has started in the local cotton market in the last week of May. Presently around 15 ginning factories have partially started business in Sindh and Punjab. The arrival of futti is also increasing day by day.It has rained in most of the cotton growing areas of Sindh and Punjab in the last few days. Hail also occurred at many places, but at present there is no news of damage to the cotton crop. The rain is said to be beneficial for the crop. If there is excess rainfall, re-cultivation of cotton may be required in some places.Ginners have a stock of about one lakh bales of old cotton which are being sold from time to time. At present, it is too early to say anything about the cotton crop. At present, 70 to 80 percent of the crop has been cultivated in many areas. Related government departments are active. State of the textile sector; However, not good. The industry is facing issues of sales tax refunds, gas, energy, interest rates and non-issuance of refunds. Apart from this, the textile sector has also been badly affected due to huge financial crisis in the market and recession in the international markets and fluctuations in the value of the dollar. The textile sector is constantly pleading with the government to solve their problems immediately, but the government is constantly adopting delay tactics.The price of new cotton crop opened at Rs 21 thousand per head but after decreasing by Rs 1 thousand per head closed at Rs 20 thousand per head. The price of fruit opened at Rs 11,000 per 40 kg and then closed at Rs 9,000 with a fall of Rs 2,000. Banola, after opening at Rs 4,500, closed at Rs 3,500, down by Rs 1,000. Oil prices closed at Rs 13,000, down by Rs 5,000 after opening at Rs 18,000.The spot rate committee of the Karachi Cotton Association fixed the rate at Rs 20,000 per head.Naseem Usman, president of the Karachi Cotton Brokers Forum, said that fluctuations were seen in the futures trading rate of cotton in the international markets. According to the weekly export and sales report for 2022-23, two lakh sixty nine thousand eight hundred bales were sold. China topped by purchasing two lakh twenty one thousand seven hundred bales. Turkey bought 20,800 bales and came in second. Vietnam bought 13,700 bales and ranked third.Seventy lakh sixty bales were sold for the year 2023-24. Türkiye topped the list by buying 43,500 bales. El Salvador came second with 20,900 bales. China bought 8,800 bales and stood third.Exporters in Pakistan have raised objections about the proposed tax on late recovery amount by the Reforms and Revenue Mobilization Commission (RRMC) for the financial year 2023-24. The proposal suggests imposition of income tax on exporters who fail to bring in foreign exchange within a specified time period, thereby profiting on foreign exchange.The RRMC's recommendations to change the existing final tax regime to minimum tax regime for exporters and levy additional tax on foreign exchange earnings have been criticized by Muhammad Javed Bilwani, chief coordinator of the Value Added Textiles Association Forum. Bilwani underlined that these recommendations were made without consulting exporters and other relevant stakeholders. They argued that imposing general tax regulations on exporters would discourage exports and prove futile in achieving the objective of addressing the trade balance.According to statistics, exports of textile products declined by 15% to $15 billion in the eleven months of this fiscal year; Whereas in the same period of the last financial year, exports were $ 17.61 billion.The success of Punjab's cotton campaign will greatly affect the textile sector of Pakistan and the entire country. APTMA acknowledges the Punjab Government's firm commitment to improve cotton production and secure Pakistan's position as a leading player in the global textile market. This not only ensures our self-sufficiency but also reduces Pakistan's dependence on cotton imports - saving $1.5 billion in import bills and boosting the country's economy.In its budget proposals sent to the finance ministry, the KCA urged the government to instruct commercial banks to expeditiously open necessary letters of credit (L/C) at the request of importers of raw cotton, i.e. local textile mills, to sell imported raw cotton. Able to meet your requirement in time.

Rupee opens 15 paise lower at 82.46 against the US dollarThe Indian rupee opened 15 paise lower against the US dollar on Monday tracking broader strength in the greenback and rising crude oil prices. The local currency opened at 82.46 a dollar, down 15 paise as compared to Friday’s close of 82.31 per dollar.

Punjab fails to meet cotton sowing targetThe state has failed to achieve the target of bringing 3 lakh hectares under cotton crop due to inclement weather and farmers earning less than paddy. Cotton crop is mainly grown in Fazilka, Bathinda, Mansa and Muktsar districts.By May 31 (end of sowing season), the crop had been sown on about 1.75 lakh hectares (58 per cent of the target). Last year, the crop was sown in 2.48 lakh hectare against the target of 4 lakh hectare.A senior agriculture department official said, “Initially, May 20 was fixed as the last date for sowing cotton. Later it was extended till 31 May. This year, cotton is being cultivated in about 1.75 lakh hectares. Fazilka is the only district which has performed better.Fazilka Chief Agriculture Officer Jangir Singh said, “More than half the area under cotton crop is in Fazilka district. Cotton crop has been sown in 90,850 hectares against the target of 1.5 lakh hectares in the district. Canal water was made available to the farmers on time.“This year, 33 per cent subsidy on cotton seeds also helped us. Though the weather played spoilsport, we brought maximum area under cotton crop.”Farmers said though cotton fetched higher price than its minimum support price last year, they did not sow it due to whitefly and pink bollworm attack.Gurdeep Singh, a cotton grower, said, “Most farmers are not aware of the latest damage control methods. The weather is unfavorable and some farmers have sown the crop again. Input cost has increased manifold."Muktsar chief agriculture officer Gurpreet Singh said cotton has been sown in about 20,000 hectares against the target of 50,000 hectares in Muktsar district. There are many factors behind this, including rain and insect attack.”“Farmers are opting for the paddy crop because of its higher yield and late-sown varieties. Last year, the average per acre yield of cotton stood at four to six quintals per acre and the price was Rs 7,500 to Rs 8,000 per acre,” he said. However, the yield of paddy reached 30 quintals per acre and the MSP was Rs 2,060 per quintal.

ZCE increased the limit of cotton, what is the reason?On June 1, the ZCE flagship cotton contract, the September contract, soared above 900 yuan/MT, and the spread between the September and January contracts narrowed unexpectedly sharply. The rise of the September contract was clearly higher than that of the January contract. Soon rumors started spreading in the market. There are mainly two rumors: 1. The commercial cotton stock issued by an institution is not consistent with the actual stock, and some enterprises believe that the actual commercial cotton stock is relatively tight; 2. A large spinning mill bought a large quantity of cotton. There were good orders in some markets and there were rumors that orders may be completed by the end of October in some markets.From the first rumours, different opinions are coming out regarding the stock data. Each enterprise and institution has its own investigation, and may have its own way of calculating the difference data on the stock data between the respective institution and the real market. As per our views from the market position, the stock may not get as tight as the rumors saying below 2 MT. Some enterprises keep the stock till now and the sales are low. Nevertheless, with sales from October 2022 to May 2023 at low prices spot cotton supplies gradually reduced, especially when ZCE cotton futures declined on May 25-26, sales have markedly improved, And mainstream bases climbed rapidly. Some vendors who offer higher prices also start selling. Subsequently, with a gradual reduction in cotton inventories, the base is expected to strengthen gradually. In addition, monthly cotton imports have been consistently below 100kt this year, and cotton inventories may gradually reduce through August and September, 2022/23. However, no clear supply gap is currently observed.For the second rumour, we have confirmed with relative spinning mill, it has not bought cotton in large quantities this week, and the major buying happened during last week, when ZCE cotton futures declined during May 25 and May 26 Was. For downstream demand, the downstream market is in a sluggish mood, and sales in May are thinner than in April. Nevertheless, the situation is different in different markets, and the Guangdong market is the weakest this year, while the previously hot Nantong market also cooled down somewhat. But the operating rates of spinning mills have not slowed down and cotton consumption has actually been consistently high this year.The sharp jump in ZCE Cotton on June 1 is further rooted in medium to long term bullish expectation. Although 2022/23 Chinese cotton production is high, cotton imports are largely down year-on-year, and from the demand side, monthly cotton consumption has been consistently above 700kt or 750kt since March, 2023. With the digestion of available cotton stocks, cotton supplies are believed to tighten gradually in the period leading up to the end of the 2022/23 cotton 2022/23 season. In terms of the market in the 2023/24 season, weather conditions in Xinjiang remain unfavorable from late April to late May, and still expect a large reduction in 2023/24 Xinjiang cotton production and seed cotton harvesting in the second Are. half a year. On 21st May, when Xinjiang faced bad weather again, ZCE Cotton tried to climb again on 22-23rd May, but the macro environment is overshadowed and most of the commodity prices fell on 22-23rd May declined, so ZCE Cotton failed to rise. During May 24 and May 31, ZCE Cotton futures declined following the trend of the commodity market. The open interest of the ZCE September contract declined by around 100,000 lots during May 24 and May 26. On May 31, after the release of China's manufacturing PMI, bearish sentiment retreated from time to time, and bulls re-entered the market, and ZCE cotton futures rose significantly on June 1 based on rumors. The bullish outlook for the cotton market in the medium to long term never changes.

Rupee strengthened by 10 paise against dollarThe rupee strengthened by 10 paise to close at Rs 82.30 against the dollar this evening.Sensex closed up by 119 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 62547.11 points with a gain of about 118.57 points.On the other hand, the Nifty closed at a level of 18534.10 points with a gain of 46.30 points.