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*Gujarat govt to procure soybean from farmers at MSP for the first time**As soybean acreage has gone past a record two lakh hectares in Gujarat, the state government has decided to procure this oilseed for the first time from farmers at the minimum support price (MSP) of Rs 3,950 per quintal. With this, soybean becomes the second oilseed and seventh crop to be procured by the government.**“This will be for the first time that the government is procuring soybean from farmers of Gujarat at MSP,” said a government official.**The Gujarat State Civil Supplies Corporation Limited (GSCSCL), an undertaking of the state government, on Saturday issued an advertisement announcing that the state government will procure green gram, black gram and soybean in Kharif marketing season 2021-’22 at MSP Rs 7,275, Rs 6,300 and Rs 3,950 respectively, fixed by the central government for this season.**“The state government will procure green gram, black gram and soybean at minimum support price through the Gujarat State Civil Supplies Corporation during the Kharif marketing season 2021-22 to ensure that farmers get remunerative prices for their crops,” the advertisement stated.**Farmers who want to sell their soybean to the government can register on the i-Kisan portal with the help of village computer entrepreneurs of their respective village at the nearest Agricultural Produce Market Committee (APMC). The registration window will be open from October 11 and till the end of this month.**Agriculture Minister Raghavji Patel confirmed the government decision an said that he would elaborate on the subject on Monday.**Under its price support scheme (PSS), the Central government makes physical procurement of important crops directly from farmers to protect them from price volatility in the open market. Such procurements are generally done through National Agricultural Cooperative Marketing Federation of India Limited (Nafed), the apex cooperative marketing body of the country, as well as through Food Corporation of India Small Farmers Agribusiness Consortium and National Cooperative Consumers’ Federation of India Limited.*   

*All India Weather Forecast for October 11, 2021**Weather systems made across the country*Due to continuous dry winds from west and northwest direction, conditions are favorable for withdrawal of Southwest Monsoon from Gujarat, Chhattisgarh and entire Madhya Pradesh, Jharkhand, Bihar and parts of Maharashtra, Odisha and West Bengal during next 24 hours. Huh. .The Cyclonic Circulation lies at 5.8 km above mean sea level over North Andaman Sea and adjoining areas. Under its influence, a low pressure area may form from this area during the next 24 to 48 hours. It is very likely to intensify further and move west-northwestwards towards South Odisha and North Andhra Pradesh coast in next 4 to 5 days.The cyclonic circulation is over East-central Arabian Sea extending up to 4.5 km above sea level and sloping towards South-West with elevation.A Cyclonic Circulation lies over Central Pakistan and adjoining areas.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain at isolated places occurred over South Gujarat, parts of Madhya Maharashtra, Goa, Coastal Karnataka and Telangana.Light to moderate rain occurred over Coastal Odisha, Andaman and Nicobar Islands, Kerala, Interior Karnataka, parts of Marathwada, remaining parts of Telangana, Andhra Pradesh and parts of Assam.Light rain occurred at isolated places over Gujarat, Gangetic West Bengal, Sikkim, remaining parts of Assam, Lakshadweep and South Rajasthan.*Probable weather activity during next 24 hours*During the next 24 hours, isolated heavy to very heavy rain very likely over Andaman & Nicobar Islands, parts of Karnataka, Konkan & Goa, Tamil Nadu, Lakshadweep and Kerala.Light to moderate rain may occur at isolated places over Coastal Andhra Pradesh, Rayalaseema, parts of Telangana, South Madhya Maharashtra and Marathwada and South Gujarat.Light rain is possible in isolated parts of Northeast India, Gangetic West Bengal, Coastal Odisha, Gilgit-Baltistan, Muzaffarabad and Jammu and Kashmir.The day will remain warm over western parts of Rajasthan and Kutch region of Gujarat. And the temperature there can remain between 38 to 39 degrees.*-For Regular Commodity Market Update:**Call:9111977771*https://wa.me/919111677774

Cotton prices may stay way above minimum support levels in 2021-22 cotton yearStrong re bound in post-Covid-19 demand and bullish sentiments due to tight supplies are expected to keep Indian cotton prices way above the government set minimum support price levels in 2021-22 cotton year (October-September). Along with cutting India’s cotton exports, high cotton prices will reduce the central government’s procurement budget for cotton to a miniscule amount from the Rs 55,000 crore spent collectively on cotton procurement during the previous two cotton seasons, said trade and industry veterans at a webinar organized by Cotton Association of India (CAI), the apex trade body of cotton.“During the 2019-20 and 2020-21 seasons, Cotton Corporation of India (CCI) had spent a total of Rs 55,000 crore and procured 2 core and 7 lakh bales. As the cotton prices are currently ruling about 30% to 40% above the MSP, our intervention may not be required during 2021-22,” Pradeep Agarwal, chairman of CCI, the public sector undertaking of ministry of textiles.The MSP of cotton for 2021-22 season for long staple cotton is Rs 6025/quintal.According to Agarwal, cotton production in 2021-22 is expected to be between 355-360 lakh bales, which is almost like last year's production of 355 lakh bales despite reduction in area sown under cotton from 133 lakh hectare in the previous year to 125 lakh hectares in the current year.The global outlook for cotton has been bullish due to lower ending stock of the US, which is keeping cotton prices on ICE (International Cotton Exchange) strong. Sumeet Mittal, general manager (cotton) Louis Dreyfus Company said. “Production outlook for major producing countries is not looking good. Cotton commodities, as compared to other soft commodities, will have a better run in 2021-22.”Domestic demand for cotton from the spinning mills is strong due to good margins and robust export demand. Dhiraj Khetan, managing director Sri Salasar Balaji Agrotech said, "Despite high cotton prices, mills are expected to buy aggressively as the demand and consumption is expected to be stronger than the supply situation.”Arun Sekhsaria, director, DD Cotton said, "By November/December, when the daily arrival figures will hit 2 lakh bales/day, some pockets of the country may need CCI intervention.”However, due to strong demand, the trade expects farmers to hold on to the crop in case prices come under pressure. Mahesh Sharda, partner, Deen Dayal Purushottam Lal, said, "The market is well supported. Farmers will pull back if prices go down as they have seen price level of Rs 7000/quintal. The mills would like to go a little long as they had good profit, while the demand for cotton from MNCs indicates good buying internationally also. I think the CCI may not be able to do operations this year, except may be in Telangana.”

Today evening, the rupee depreciated by 21 paise to close at Rs 74.98 against the dollar.Stormy rise in Sensex, then closed above 60,000 markToday the stock market closed with a lot of momentum. Today, where the Sensex closed at the level of 60059.06 points with a gain of about 381.23 points. Today the Sensex was able to close above the 60,000 mark after several days. On the other hand, Nifty closed at the level of 17895.20 points with a gain of 104.90 points.  

Textile Ministry signs agreement to promote sustainable cotton cultivationThe project, in collaboration with the German Federal Ministry for Economic Cooperation and Development, aims to improve sustainable cotton yield by 10% in four States, including TamilnaduThe Ministry of Textiles and Deutsche Gesellschaft fur InternationaleZusammenarbeit (GIZ) signed an agreement on Thursday to implement a project on sustainability and value addition in the cotton economy.An official press release said the project aims to increase the volume of cotton production on 90,000 hectares, involving 1.5 lakh farmers in four States -- Maharashtra, Gujarat, Madhya Pradesh, and Tamil Nadu. The aim is to improve yield by 10%.As part of the Indo-German Development Cooperation Framework, the German Federal Ministry for Economic Cooperation and Development (BMZ) has collaborated with the Ministry of Textiles (MoT), supported by the Ministry of Agriculture and Farmers Welfare (MoAFW).Darshna Vikram Jardosh, Minister of State for Textiles, said India is the largest producer of cotton, and the second-largest consumer of cotton (nearly 303 lakh bales a year). The GIZ project will enhance employment and women empowerment and promote sustainable cotton growing practices.U.P. Singh, Secretary, Ministry of Textiles, said the project will follow a “shelf to field” approach and work to create a pull factor for improved market access for farmers for cotton grown through sustainable methods.The Textile Ministry will constitute a steering committee to review and guide the project which will be implemented through nodal officers in the four States. The Ministry will take part in international textile conferences organised by GIZ and promote the sustainable cotton grown in India among consumers.

Rupee breaks 34 paise against dollar, opens at 75.12Rupee has started with weakness today against the dollar in the foreign exchange market. The rupee today opened at 75.12 with a loss of 34 paise against the dollar. On the other hand, the rupee was strengthened against the dollar in yesterday's trade. The rupee had gained 20 paise to close at 74.78 against the dollar.Sensex opens sharply, rises 272 pointsToday the stock market opened with great momentum. Today the BSE Sensex opened with a gain of 271.90 points at the level of 59949.73 points. On the other hand, the Nifty of NSE opened with a gain of 97.20 points at the level of 17887.50 points.  

Cotton exports could fall as local demand rises: ReportIndia's cotton exports could fall by 36% in 2021-22 from a year ago, as domestic demand has been rising amid limited supplies after carry-forward stocks nearly halved from a year ago, industry officials said on Thursday.Lower exports from the world's biggest cotton producer could support global prices, which jumped to their highest levels in a decade on strong demand from top consumer China."Exports could go down to 5 million bales in the new season since local demand has been rising," Sumeet Mittal, general manager for India cotton business at Louis Dreyfus Company, said in a webinar organised by the Cotton Association of India.The country exported around 7.8 million bales in 2020-21, the highest in eight years, as the state-run Cotton Corporation of India continuously sold from its warehouses keeping Indian prices competitive, he said.Higher exports and local demand have depleted carry forward stocks to 6.5 million bales in the new season that started on October 1, from 12.5 million bales a year ago.Good demand from local mills and a rally in global prices have lifted domestic prices to a record high this week, tapering the advantage India had over other suppliers."Good quality cotton is not available right now for exports. From November, supply of good quality cotton would improve, and prices may come down because of supply pressure," said a Mumbai-based dealer with a global trading firm.Leading cotton producing states including Gujarat, Maharashtra, Telangana and Andhra Pradesh received heavy rainfall in September. The production in the new season could fall as rainfall badly affected early-sown crop in all key producing states, said Chirag Patel, chief executive office at exporter Jaydeep Cotton Fibers Pvt Ltd."Crop yields and quality of crop are going to be affected by rainfall. Cotton harvested in the first picking is likely to be of poor quality."

*ICE COTTON SUMMARY**Rally in cotton futures tires; dip in weekly exports weighs**ICE cotton futures took a breather on Thursday from a blistering rally that has seen prices reach their highest level since mid-2011 to lock in profits, following a federal report that showed lower export sales of the fiber.**"Wednesday's settlement pulled back from the limit up seen early in the morning, which looked like profit-taking from investors, and today is a continuation of that," with some skipped over orders also being fulfilled, said Bailey Thomen, cotton risk management associate at StoneX Group.**The upper limit of 113.93 cents per lb hit on Wednesday set an all-time peak for the December contract, and a high since September 2011 for the second month cotton futures contract , for the second session in a row. The higher prices scared some traders out, but today could be viewed as another entry point into the market, Thomen said.**"Unfortunately, this week the export sales report was not very outstanding, but that was expected as China has been out celebrating its National Day holiday."**The US Department of Agriculture's weekly export sales report showed net sales of 246,700 running bales (RB) for 2021/2022, down 57% from the previous week and 40% from the prior 4-week average.**The report, however, showed increases primarily to China of 174,500 RB, following strong sales data to the top consumer in the prior week as well.**Analysts have noted that at these price levels mills are forced to ration the use of natural fiber cotton, which cannot compete with far lower polyester prices.**Total futures market volume fell by 38,117 to 33,674 lots. Data showed total open interest fell 1,658 to 289,200 contracts in the previous session.*

 *Cotton prices at all-time high in Punjab, kharif crop fetching ₹7,500 per quintal**As the second picking of raw cotton crop is set to gain momentum in Punjab, rates of the cash crop have reached an all-time high of ₹7,715 per quintal, 23% higher than the minimum support price (MSP) of ₹5,925.**Punjab Mandi Board authorities say till Wednesday, 2.75 lakh quintal of cotton was purchased and private players are paying an average rate ₹7,500 for a quintal of raw cotton.**This has come as a relief to farmers of the south Malwa belt, who are battling the threat of damage caused by the pink bollworm attack. In the semi-arid region of the state, cotton bolls are harvested thrice. Second picking is crucial as it comprises 60% of the total production. Due to the quality, the second harvest determines the profitability of a cotton grower.**Industry watchers attribute higher prices for the kharif produce to an increase in demand by the international textile market.**Director of Indian Cotton Association Limited, a body dealing in export, spinning, ginning of cotton, Rakesh Rathi said the trend may continue for another month. Bulk supply in the coming weeks may stabilise rates, but it is highly unlikely that cotton would see a sharp decline this season, he added.**“Bangladesh and China, the international hub of the textile sector, are the major buyers of Indian thread and raw cotton. Since there has been a sharp increase in the global market since September 15 and the slow arrival of cotton crop in different states, farmers are getting handsome rates,” said Rathi.**With 3.03 lakh hectares under area cotton this year, southern Punjab recorded an increase of 17% than 2020 when cotton was sown on 2.51 lakh hectares. But pink bollworm attack in Bathinda, Mansa and few pockets in Sangrur has left farmers worried about their major cash crop.**Punjab Mandi Board cotton state coordinator Rajnish Goel said by October 6, a total of 2.74 lakh quintal cotton was purchased in centres of all seven districts of the region. By October 6 last year, Punjab mandis saw 1.29 lakh quintals of purchase.**“For the first time, cotton rates have touched ₹7,700 per quintal. In 2011 the maximum rate of cotton was ₹7,000 and ₹6,725 in 2014. Mandis are recording daily average arrival of 25,000 quintals,” said Goel.**Cotton Corporation of India assistant general manager and Punjab in-charge Neeraj Kumar said despite pink bollworm infestation, Punjab is likely to achieve last season’s production of 50 lakh quintals.**“After an increase of 17% area under cotton this year, the CCI pegged Punjab’s production at 60-65 lakh quintals. Pest attack has hit several villages, but farmers are getting up to ₹1,800 more than MSP for their produce. The CCI is following its protocol of maintaining a watch on the market and the agency will entre if cotton rates are crashed and farmers get less than MSP,” said Kumar.*

*All India Weather Forecast for October 08, 2021** Weather systems made across the country *Monsoon has withdrawn from parts of Rajasthan and Gujarat. During the next 24 to 48 hours, Monsoon is likely to depart from Jammu and Kashmir, Himachal Pradesh, Uttarakhand, Punjab, Haryana, Delhi, entire Rajasthan, some parts of Uttar Pradesh, some parts of Madhya Pradesh and some more parts of Gujarat.The Cyclonic Circulation is persisting over Southeast and adjoining East Central Arabian Sea off North Kerala and South Karnataka Coast.A trough is extending from South West Bay of Bengal to East Central Arabian Sea across Tamil Nadu and Karnataka.A Cyclonic Circulation is persisting over Sub-Himalayan West Bengal and adjoining region.*Another cyclonic circulation lies over the central part of Pakistan.*A low pressure area is likely to develop over North Andaman Sea around October 10. This low pressure area is likely to intensify further during the next 2 to 3 days.*Weather movement across the country during the last 24 hours*During the last 24 hours, Goa and Coastal Karnataka received moderate to heavy rains.Light to moderate rain occurred at isolated places over Interior Karnataka, Konkan and Goa and Vidarbha and Coastal Andhra Pradesh.Coastal Tamil Nadu, Andaman and Nicobar Islands and Sikkim received light to moderate rain with isolated heavy rains at one or two places.Light to moderate rain occurred over Lakshadweep, Interior Tamil Nadu, Marathwada, parts of Madhya Maharashtra, Gangetic West Bengal, parts of Chhattisgarh and South Madhya Pradesh.Light rain was recorded at one or two places over Gujarat, one or two parts of East Rajasthan, Uttarakhand, parts of Uttar Pradesh and Assam.*Probable weather activity during next 24 hours*During the next 24 hours, Andaman and Nicobar Islands may experience light to moderate rain with heavy to very heavy falls at a few places.Light to moderate rain at isolated places over Andhra Pradesh, parts of Telangana, Karnataka, Konkan & Goa, parts of Madhya Maharashtra, Marathwada & Vidarbha, Lakshadweep, Coastal Odisha, West Bengal and Northeast India.*Sporadic light rain may occur in Gujarat.*

U.S. EXPORT SALES FOR WEEK ENDING 30/09/2021Cotton:  Net sales of 246,700 RB for 2021/2022 were down 57 percent from the previous week and 40 percent from the prior 4-week average.  Increases primarily for China (174,500 RB, including decreases of 11,000 RB), Guatemala (33,000 RB), Turkey (18,200 RB), Vietnam (14,200 RB, including 100 RB switched from Japan), and Indonesia (11,400 RB, including 1,200 switched from Vietnam), were offset by reductions for India (20,700 RB) and Pakistan (2,200 RB).  Net sales for 2022/2023 of 55,000 RB were primarily for China (40,000 RB).  Exports of 125,100 RB--a marketing-year low--were down 24 percent from the previous week and 32 percent from the prior 4-week average.  The destinations were primarily to China (30,800 RB), Mexico (16,700 RB), Bangladesh (12,600 RB), Vietnam (11,200 RB), and Turkey (11,100 RB).   Net sales of Pima totaling 13,700 RB were down 19 percent from the previous week and 12 percent from the prior 4-week average.  Increases were primarily for India (8,300 RB) and Peru (4,700 RB).  Exports of 3,700 RB were down 68 percent from the previous week and 51 percent from the prior 4-week average.  The destinations were primarily to China (2,200 RB), India (900 RB), Thailand (400 RB), and Guatemala (200 RB).   Optional Origin Sales:  For 2021/2022, the current outstanding balance of 8,800 RB is for Pakistan.   Exports for Own Account:  For 2021/2022, the current exports for own account outstanding balance of 4,800 RB is for China (4,700 RB) and Vietnam (100 RB).