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CAI lowers cotton crop forecast for 2022-23 season to 29.8 million balesThe Cotton Association of India (CAI) on Thursday cut its cotton crop forecast by 465,000 bales to 29.8 million bales for the 2022-23 season as production is expected to decline in Maharashtra, Telangana, Tamil Nadu and Odisha. The latest estimate of cotton crop is the lowest since 2008-09 season at 29.0 million bales.At the start of the season, the association had estimated cotton crop production at 34.4 million bales as against 30.7 million bales in the previous season. CAI's latest crop down revision is against its March estimate of 31.3 million bales.The reason for the continuous cut in the estimates is being attributed to lower cotton offtake due to change in weather patterns. “3-4 pickings of cotton were expected in states like Maharashtra, Gujarat, Madhya Pradesh and Telangana. However, only two selections have taken place so far, said a Mumbai-based industry expert, seeking anonymity.Besides this, it is also estimated that farmers are holding their produce in the hope of remunerative prices as in the previous year. Cotton prices have crossed ₹100,000 per candy (1 candy = 365 kg) in the 2021-22 season. Currently, cotton is trading in the range of Rs 59,000-62,000 per candy in key markets of Rajasthan, Maharashtra, Telangana and Andhra Pradesh and Rs 61,900 per candy on the Multi Commodity Exchange.Due to less attractive prices compared to last year, this year's arrivals have come down to 17.86 million bales so far in the current season that started October, as against 24.4 million bales during the same period last year.“Domestic ginners and spinners are working in face-to-face conditions as farmers are bringing less produce. This is the reason why the market is range bound. Prices are not going up or down," said Ajay Kedia, director of Kedia Commodities, a financial services firm on commodities.As far as the demand-supply dynamics are concerned, prices should move up amid reduction in cotton production. "Despite the decline, cotton prices in the domestic markets have not picked up due to sluggish demand amid fears of a slowdown," Kedia said. Cotton prices were maintained in the domestic market as well." Bangladesh is the largest buyer of Indian cotton.CAI has retained its cotton import forecast at 1.5 million bales as against 1.4 million bales recorded last year. According to CAI data, around 700,000 bales have arrived at Indian ports so far this year. On the other hand, exports are estimated to decline by 500,000 bales to 2 million bales in the 2022-23 (October-September) season.The estimated domestic cotton consumption for this season is around 31.1 million bales, as against 31.8 million bales last year. Total availability of cotton is estimated at 34.5 million bales, which includes opening stock of 3.2 million bales and imports of 1.5 million bales. However, this left an estimated production of 29.8 million bales. The carryover stock at the end of the season is estimated at 1.4 million bales.

Spot rate inactive on cotton marketLAHORE: The local cotton market remained steady on Thursday with low trading volume. Cotton analyst Naseem Usman said that the rate of cotton in Sindh is Rs 17,000 to Rs 20,000 per head.Cotton rates in Punjab range from Rs 18,000 to Rs 21,000 per head. The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.

CCI opens cotton procurement centersHubli: To protect cotton farmers and maximize access, Cotton Corporation of India Limited (CCI) has opened more than 400 cotton procurement centers in all 11 cotton-growing states, said its assistant general manager.A press note issued by CCI states that it is a central nodal. Government of India agency for cotton undertaking procurement work under Minimum Support Price (MSP). This MSP scheme provides an alternative marketing channel for cotton farmers to sell their FAQ-grade cotton at the MSP rates announced by the Central Government for the current cotton season 2022-23. Details of MSP prices, CCI network, nearest procurement center etc. are available on CCI website www.cotcorp.org.in or farmers can download mobile app 'Cott-Ally' for more details.Since the monsoon season is approaching in the first week of June, the level to safeguard cotton from damage by rains at any point of time, the procurement window for cotton under MSP will remain open till 20.05.2023 for the current operational cotton season 2022-23 . This will ensure completion of processing of cotton before the onset of monsoon.In case of any assistance farmers can contact CCI nearest branch.

Rupee opens 1 paise weak against dollarToday, the rupee opened at a level of Rs 82.10 against the dollar with a weakness of 1 paise.Today the stock market has started with weakness.The Sensex was trading around 61,857.69, down 46.83 points, or 0.08 per cent.The Nifty was trading around 18320 with a gain of 23.85 points i.e. 0.13 per cent.

India's cotton exports to hit 18 – year low as output dropsIndia's cotton exports are set to fall to their lowest level in 18 years in 2022/23 as production lagged behind domestic consumption for the second straight year, a leading trade body said on Thursday.Lower exports from the world's biggest producer could support global prices . It could also lift domestic prices and weigh on margins of local textile companies.Exports could fall to 2 million bales in the current marketing year ending on Sept. 30, the lowest since 2004/05 and well below 4.3 million bales last year, Cotton Association of India (CAI) said in a statement.Production could fall to 29.84 million bales, down from the previous estimate of 30.3 million bales, the CAI said.Local consumption could also ease by 2.2% from a year ago to 31.1 million bales, it said.The fall in local production could bring down cotton stocks at the end of 2022/23 marketing year to 1.4 million bales, the lowest in more than three decades, the trade body said.

Rupee Down by 10 paise against dollarThis evening, the rupee closed at a level of 82.09 against the dollar with a weakness of 10 paise.Sensex fell 36 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 61904.52 points with a fall of 35.68 points.On the other hand, the Nifty closed at a level of 18297.00 points with a decline of 18.10 points.

The effect of bad weather on farming, cotton sowing season will last longerThe cotton sowing season may last longer this year, but the cash crop acreage is expected to remain low. Reason: Farmers are worried about frequent changes in weather.So far, about 9,850 hectares of cotton are sown in Muktsar district. Normally the crop is sown by mid-May, but this year the weather is relatively cool and sowing will continue till the end of May.Last year the crop was sown in about 33,000 hectares. However, the target was to bring about 45,000 hectares under cotton cultivation. This year the agriculture department has set a target of 50 thousand hectares in Muktsar district. Teams are going door to door to promote cotton sowing.Some farmers say that the cost of harvesting cotton is too high and requires extensive human labour. “Most of the farmers are worried due to the weather. He has also expressed his concern to the officials and commission agents. Cotton crops will be sown, but mainly in areas where paddy cultivation is not recommended. The cotton crop area may be less this year,” claimed a farmer.On this, Muktsar Chief Agricultural Officer (CAO) Gurpreet Singh said, 'Due to the change in weather, cotton sowing will continue till the end of May this time. We have decided to bring 50,000 hectares under cotton cultivation in the district this year. So far, about 9,850 hectares have been sown and sowing is now at its peak.”

Rupee opens 4 paise stronger against dollarThe rupee opened higher by 4 paise at 81.95 against the US dollar as against Wednesday's closing price of 81.99.The market is trading with a slight gain in the early trade.The Sensex gained 30.61 points, ie 0.05 percent, to the level of 61970.81.But it is visible.On the other hand, the Nifty is showing a gain of 6.05 points i.e. 0.03 percent at the level of 18305.45.

LAHORE: The local cotton market remained steady on Wednesday with low trading volume. Cotton Analyst.Cotton analyst Naseem Usman told that the price of cotton in Sindh is between Rs 17,000 to Rs 20,000 per head. The cost of cotton in Punjab ranges from Rs 18,000 to Rs 21,000 per head.The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.

Rupee strengthened by 5 paise against US dollarThe rupee strengthened by 5 paise to close at Rs 81.98 against the dollar this evening.Sensex up by 179 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 61940.20 points with a gain of about 178.87 points.On the other hand, the Nifty closed at a level of 18315.10 points with a gain of 49.10 points.

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