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*ICE COTTON SUMMARY**Cotton futures slip on firm dollar, focus on WASDE report**ICE cotton futures dipped on Monday, as the dollar ticked up and market participants awaited a monthly supply-and-demand report from the US Department of Agriculture (USDA).**Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi, said investors are pausing ahead of the report tomorrow, as most of the recent move higher has been caused by perceived or real shortages in China, which needs to be confirmed.**The USDA's monthly World Agricultural and Supply Demand Estimates (WASDE) report is due at 12:00 p.m. EDT on Tuesday.**Its weekly export sales report last week showed a dip in net sales. However, China has been the top buyer of US cotton in recent weeks, sparking a rally in cotton prices.**Last week, the cotton contract struck its upper limit twice, and Friday's high was an all-time peak for the December contract.**The dollar strengthened to hold near a recently touched one-year peak, making the natural fiber more expensive for customers holding other currencies, potentially hurting demand.**"The two markets that cotton follows sometimes are crude oil and copper and both of them are up, so that's part of the reason that cotton has come back sharply today from its lows, so that's a pretty good rally," Varner said. Total futures market volume fell by 27,334 to 30,702 lots. Data showed total open interest fell 2,055 to 287,573 contracts in the previous session.*

Today evening, the rupee depreciated by 37 paise to close at Rs 7.36 against the dollar.Today the stock market closed sharply.Today, where the Sensex closed at the level of 60135.78 points with a gain of about 76.72 points. On the other hand, Nifty closed at the level of 17946.00 points with a gain of 50.80 points. Apart from this, a total of 3,592 companies were trading on the BSE today, out of which 1,958 shares rose and 1,473 shares closed down.  

Rupee collapses against dollar, opens weak by 14 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 14 paise at Rs 75.12 against the dollar. At the same time, on Friday, the rupee closed at a level of 74.98 with a fall of 21 paise against the dollar.Poor start in the Sensex, falling 128 points to open Today the stock market opened with a fall. Today the BSE Sensex fell by about 127.89 points and opened at the level of 59931.17 points. On the other hand, the Nifty of NSE opened at the level of 17875.20 points with a fall of 20.00 points. Today, trading started in a total of 1,839 companies in the BSE, out of which 1,287 shares opened up and 413 fell.  

The prices of mustard oil and other edible oils will come down, the government has taken these big steps in the festive season.* In order to control the rise in the prices of edible oils, the central government has imposed stock limits on oilseeds and edible oils. This decision of stock limit will be applicable till 31 March 2022. The government has also suspended futures trading of mustard oil and oilseeds in NCDEX. This decision of the government can prove helpful in controlling the inflation of edible oils. It is believed that due to non-increasing prices, consumers will get relief in the festive season.In fact, due to the rise in the price of edible oils in the global market, imported edible oil is becoming costlier, which has badly affected the domestic commodity market. During the last year, the price of edible oils has registered a rise of more than 46 percent. A multi-pronged strategy was formulated to control this inflation of edible oils. Under this, earlier an attempt was made to rationalize the import duty of edible oils. Apart from this, all the parties involved in this business will have to declare their stock information themselves, for which a separate web portal has also been started.**In the notification issued to fix the stock limit of edible oils and oilseeds, the states and union territories have been empowered to prepare their available stock and consumption pattern. The exporter shall be exempted from this provision whose stock is kept for export with a refinery, mill owner, oil extractor, wholesaler, retailer or dealer. The same provision will be applicable for importers as well. The stock kept more than the prescribed limit will have to be declared on the portal of the Public Distribution Department.*Mustard oil increased by 43 percent in one year*According to the Ministry of Consumer Affairs, the price of soybean oil in the domestic commodity market on October 9, 2021 is Rs 154.95 per kg, as against Rs 106 per kg a year ago. Similarly, the price of mustard oil has increased by 43 per cent to Rs 184 per kg from Rs 129 a kg a year ago. The price of vegetable oil has increased from Rs 95.5 per kg to Rs 136.74. It is known that 60 percent of the domestic consumption of edible oils is met by imports.

*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."