The Rs 40,000 Crore Export Target Gains Confidence as Cotton Yarn Prices Drop by Rs 10/kgThe price of cotton yarn used in knitwear production decreased by Rs 10 per kilogram on Monday, bringing optimism among exporters as New Year and Christmas orders start pouring in. Exporters see this price reduction as a boost for both domestic production and exports, aligning with their goal of achieving the Rs 40,000 crore export target.On Monday, spinning mills announced a price cut of Rs 10 per kg for all counts of cotton yarn used in knitwear. For instance, 20s kh (18.5 count) yarn dropped from Rs 220 to Rs 210 per kg, while 40s kh (38.5 count) decreased from Rs 248 to Rs 238. This price adjustment has been well-received by knitwear manufacturers in Tiruppur.KM Subramanian, president of the Tiruppur Exporters Association, stated, “The reduction in cotton yarn prices will aid growth in domestic production and exports, especially as cotton prices have settled at Rs 56,000 per candy. This price drop will support our efforts to achieve the Rs 40,000 crore export target for this year.”MP Muthurathinam, president of the Tiruppur Exporters and Manufacturers Association, highlighted that orders for New Year and Christmas are already coming in, with inquiries from Bangladesh as well. "Bangladesh had been hesitant due to our higher prices, but with this reduction, we can now capture more of these orders," he explained.Reflecting on recent market trends, he added, “Domestic orders before Deepavali were promising, but sales did not meet expectations afterward. We now hope that Christmas and New Year export orders will improve the situation, and this yarn price reduction will be a key factor. Yarn prices have held steady this year without any hikes.”Industry sources revealed that yarn prices have seen three reductions this year: a Rs 20/kg drop in January, another Rs 20/kg decrease in June, and now this recent Rs 10/kg cut in October.Read More :- Demand for ban on cotton import, farmers fear loss due to decrease in production
In relation to the US dollar, the rupee hits its lowest point ever, 84.13. The rupee on Monday fell 4 paise to a record low of 84.11 against the US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows.Read More :> Demand for ban on cotton import, farmers fear loss due to decrease in production
In relation to the US dollar, the rupee dropped 4 paise to its lowest point ever, 84.11At the close of trading, the BSE Sensex fell 941.88 points or 1.18 per cent to close at 78,782.24. The NSE's 50-share index, Nifty, fell 309 points or 1.27 per cent to close at 23,995.35.Read More :- Demand for ban on cotton import, farmers fear loss due to decrease in production
Importing cotton should be prohibited, as farmers fear financial loss from lower output.Farmers are worried about the falling prices of cotton, and now the demand for banning cotton import is gaining momentum. In major cotton producing states like Maharashtra, Andhra Pradesh and Telangana, the yield is getting affected due to high moisture in the crop.Demand to buy crop at MSPMany farmers are getting prices lower than the Minimum Support Price (MSP) for cotton crop, which is weakening their financial condition. Farmers want the government to buy their crop at MSP, which is Rs 7,122 per quintal.Fall in pricesMaharashtra, where about 40 lakh farmers cultivate cotton, ranks second in cotton production in the country. However, cotton prices are expected to fall domestically. Even despite adequate production, there is talk of large-scale cotton imports, which may lead to further decline in prices.Politics over cotton has heated up in Maharashtra due to the upcoming Rajya Sabha elections. Some leaders say that the Cotton Corporation of India has a large stock of cotton, due to which the demand for buying cotton at MSP is increasing. The current price of cotton in the state is between Rs 6,500-6,600 per quintal, which is less than the MSP of Rs 7,122. Therefore, farmers are hesitant to sell their crop and are waiting for a better price.Demand for ban on importPoliticians say that there is already a large stock of cotton in the country, so imports should be banned immediately. If imports continue, cotton prices may fall further, causing huge losses to farmers and profits to traders.Damage to crop due to weatherThe cotton crop has suffered a lot due to unseasonal rains, due to which farmers are upset. According to reports, this year about 19 lakh hectares of cotton crop has been affected by adverse weather. Due to high moisture, the crop is still wet in many areas, which is affecting its price in the market.Read More :> High Moisture Content Sparks Concerns for Cotton Farmers in Indian States
The rupee closed unchanged at 84.08 against the dollar this evening.At the close of trading, the BSE Sensex fell 426.85 points or 0.53 per cent to close at 79,942.18. The NSE's 50-share index, Nifty, fell 126 points or 0.51 per cent to close at 24,340.85.Read more:- High Moisture Content Sparks Concerns for Cotton Farmers in Indian States
The rupee drops 2 paise to 84.07 against the dollar.The rupee opened on a flat note and depreciated 2 paise to 84.07 against the US dollar in initial deals on Wednesday, weighed down by persistent foreign fund outflows and muted domestic equities.Read More :> High Moisture Content Sparks Concerns for Cotton Farmers in Indian States
This evening, the rupee finished at 84.08 against the US dollar, unchangedThe BSE Sensex rose 363.99 points or 0.45 per cent to close at 80,369.03. Similarly, the NSE Nifty 50 rose 127.70 points or 0.52 per cent to close at 24,466.85.Read More :- High Moisture Content Sparks Concerns for Cotton Farmers in Indian States
Cotton Farmers in Indian States Are Concerned by the High Moisture ContentTelangana and Maharashtra hardest hit as CCI seeks lower moisture levels in cotton cropsCotton farmers in Telangana are facing challenges as market prices have dropped below the Minimum Support Price (MSP) at several market yards. The Cotton Corporation of India (CCI), responsible for MSP operations for cotton, attributes the drop to high moisture content in states like Telangana, Andhra Pradesh, and Maharashtra.“They’re lowering prices, claiming our cotton’s moisture level exceeds the acceptable range,” shared Lakshan Reddy (name changed), a farmer from Warangal district.This season, heavy rains and recent flooding have left farmers with damp cotton bolls, and in some cases, harvested cotton has become wet, further increasing the moisture content. “We require moisture levels to remain between 8-12 percent. When it exceeds this, acceptance becomes challenging, with some samples showing moisture levels as high as 20-25 percent. Farmers need to dry their cotton before bringing it to procurement centers,” said Lalit Kumar Gupta, Chairman and MD of CCI.Due to back-to-back festivals, cotton arrivals at market yards have been delayed. On Monday, yards reported arrivals of around 90,000 bales, totaling 1.2 million bales for the current procurement season.Cotton Association of India President Atul Ganatra shared concerns with electronic media, noting that his association has written to Textile Minister Giriraj Singh, urging CCI to accept cotton with moisture up to 18 percent. “Continuous rain recently has led to higher moisture levels. Farmers are left with no choice but to sell their cotton between ₹3,000 and ₹6,000 per quintal—well below the MSP,” he explained.Although current arrivals are about 400,000 bales lower than last year, CCI remains hopeful. “As sunny days return, we expect the moisture issue to improve,” said Gupta.BRS Criticizes Government ResponseThe Bharat Rashtra Samithi (BRS) has criticized the Telangana Government for what it views as inadequate support for cotton farmers. “The government promised a ₹500 per quintal bonus, yet farmers are still forced to sell at lower prices,” alleged BRS Working President K.T. Rama Rao. Telangana Agriculture Minister Tummala Nageswara Rao responded, advising farmers to dry their cotton before bringing it to market.With prices below the MSP—sometimes as low as ₹6,000-6,500 per quintal—many farmers are left in financial distress. The government has set the MSP at ₹7,121 per quintal for medium-staple cotton and ₹7,521 for long-staple cotton this season, but prices still vary based on moisture levels.“Every procurement center has a moisture-testing machine. Farmers can measure moisture levels on-site. Of the 200 cotton trucks arriving in Adilabad on Friday, nearly 90 had high moisture content, with less than 10 percent meeting the under-12-percent standard,” added Gupta.CCI recently issued an advisory to farmers across cotton-growing states. Traders reportedly continue quoting lower prices, citing cotton discoloration and high moisture content. Some farmers, seeing current market trends, plan to wait before selling. “I’ll wait 3-4 days and hope prices improve,” said Lakshman, a farmer with three acres of cotton.
Rupee Opens Flat at 84.08 vs US DollarMumbai, Oct 29 (PTI) The rupee opened on a flat note and depreciated 1 paisa to 84.08 against the US dollar in initial deals on Tuesday, as persistent foreign fund outflows and the strength of the American currency in the overseas market dented investor sentiments.Read More :> Cotton Crops in Medak, Telangana, Are Devastated by Heavy Rains
This evening, the rupee closed unchanged at 84.08 against the dollar.At the end of the trading session, the Sensex rose 602.75 points or 0.76 percent to close at 80,005.04 and the Nifty rose 158.40 points or 0.66 percent to close at 24,339.20.Read more:- Farmers' Diwali was dull, heavy rain caused loss of 15 lakhs to cotton crop
Early trading of the rupee against the US currency is limited.The rupee witnessed range-bound trade and appreciated by just 1 paisa to 84.07 against the US dollar in initial deals on Monday, weighed down by significant foreign fund outflows and the strength of the American currency in the overseas market.Read More :> India’s Cotton Output Likely to Drop 7.4% Due to Excessive Rainfall
This evening, the rupee ended the day 1 paisa down versus the US dollar at 84.08At the close of trade, the BSE Sensex closed down 662.87 points or 0.83 per cent at 79,402.29. At the same time, NSE's 50-share index Nifty closed down 218.60 points or 0.90 percent at 24,180.80.Read More :- India’s Cotton Output Likely to Drop 7.4% Due to Excessive Rainfall
In early trade, the rupee falls flat against the US dollar at 84.07.The rupee stayed in a straightjacket for yet another week, trading at its near all-time low of 84.07 against the US dollar on Friday (October 25, 2024) amid firm American currency and unprecedented foreign fund outflow.Read More :> Unseasonal Rains Damage Cotton Crop, Farmers Fear Lower Prices
The rupee strengthened by 1 paisa to close at 84.07 against the dollar this evening.The BSE Sensex closed 16.82 points lower at 80,065.16, while the NSE Nifty closed 36.10 points lower at 24,399.40.Read more:- Unseasonal Rains Damage Cotton Crop, Farmers Fear Lower Prices
In early trade, the rupee falls flat against the US dollar at 84.07.At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and slipped 1 paisa to trade at previous day's closing level in initial deals.Read More :> Unseasonal Rains Damage Cotton Crop, Farmers Fear Lower Prices
This evening, the rupee finished at 84.08 against the US dollar, unchangedThe BSE Sensex fell 138.74 points or 0.17 percent to close at 80,081.98 while the Nifty 50 fell 36.60 points or 0.15 percent to close at 24,435.50.Read More :- Unseasonal Rains Damage Cotton Crop, Farmers Fear Lower Prices
Farmers Fear Lower Prices After Unseasonal Rains Damage Cotton CropsIndore: Recent unseasonal rainfall has caused significant discoloration and damage to standing cotton crops, sparking concerns among farmers about receiving lower prices for their produce.The untimely rains have also delayed the cotton picking process, farmers reported. Typically, the cotton picking season begins in mid-September and lasts through October and November. While the first round of picking has been completed, the second is still underway.Damage to the standing crop, along with quality concerns, has negatively affected the newly harvested cotton. "The rains have compromised the quality of the cotton and caused damage to the standing crop. These quality issues have led to suppressed prices in the spot market," said Kailash Agrawal, a cotton farmer and ginning unit owner.According to cotton traders, the price of newly harvested raw cotton in the Khargone market ranges from Rs 3,500 to Rs 7,500 per quintal. This wide price range reflects the quality issues and increased moisture content caused by the rains.In the Indore division, cotton is cultivated across approximately 19 lakh hectares, with Khargone, Khandwa, Barwani, Manawar, Dhar, Ratlam, and Dewas being key cotton-growing areas.Manjeet Singh Chawla, founder president of the Madhya Pradesh Cotton Ginners and Traders Association, noted that while the rains have impacted quality, the damage to cotton crops is not as severe as for other crops."Cotton production this season is expected to be favorable overall, as weather conditions were conducive during sowing and growth, except for the recent rains."The Cotton Association of India has projected Madhya Pradesh's cotton production for the 2024-25 season at 19 lakh bales (1 bale = 170 kg).Read More :> Farmers' Diwali was dull, heavy rain caused loss of 15 lakhs to cotton crop
At 84.07, the rupee is slightly up 1 paise versus the US dollar.Forex traders said a downward trend in domestic equity markets and elevated level of crude oil prices prevented a recovery in the Indian currency.Read More :> India’s Cotton Output Likely to Drop 7.4% Due to Excessive Rainfall
Due to excessive rainfall, India's cotton output is expected to decline by 7.4%.India's cotton production for the 2024/25 season is projected to decline by 7.4% to 30.2 million bales, compared to the previous year, primarily due to reduced cultivation area and crop damage caused by excessive rainfall, according to a leading trade body on Tuesday.The drop in production is expected to impact exports from the world's second-largest cotton producer during the marketing year that began on October 1, while increasing the country's need for imports, which may support global cotton prices.India's cotton imports are forecasted to rise to 2.5 million bales in the new season, up from 1.75 million bales a year earlier, according to a statement from the Cotton Association of India (CAI). Meanwhile, exports are expected to fall sharply to 1.8 million bales, down from 2.85 million bales the previous year.The decline in production is largely attributed to a significant reduction in the area under cotton cultivation, which decreased to 11.29 million hectares from 12.69 million hectares last year, explained Atul Ganatra, president of CAI.In Gujarat, India's top cotton-producing state, farmers have shifted away from cotton to grow groundnuts, which have been offering more profitable returns, according to traders.Read More :- Farmers' Diwali was dull, heavy rain caused loss of 15 lakhs to cotton crop
This evening, the rupee closed at Rs 84.08 against the dollar with a weakness of 1 paisa.At the end of the trading session, the Sensex closed at 80,220.72 with a fall of 930.55 points or 1.15 percent and the Nifty closed at 24,472.10 with a fall of 309.00 points or 1.25 percentRead more:- Farmers' Diwali was dull, heavy rain caused loss of 15 lakhs to cotton crop
| title | Created At | Action |
|---|---|---|
| Cotton Yarn Prices Drop by Rs 10/kg, Boosting Confidence in Rs 40,000 Crore Export Target | 05-11-2024 18:39:04 | view |
| Rupee falls to all-time low of 84.13 against US Dollar | 05-11-2024 17:17:07 | view |
| Rupee fell 4 paise to an all-time low of 84.11 against the US dollar | 04-11-2024 23:43:13 | view |
| Demand for ban on cotton import, farmers fear loss due to decrease in production | 04-11-2024 20:12:03 | view |
| This evening, the rupee finished at 84.08 against the US dollar, unchanged. | 30-10-2024 23:36:44 | view |
| Rupee falls by 2 paise to 84.07 vs dollar | 30-10-2024 17:27:24 | view |
| The rupee closed unchanged at 84.08 against the dollar this evening. | 29-10-2024 23:42:25 | view |
| High Moisture Content Sparks Concerns for Cotton Farmers in Indian States | 29-10-2024 18:13:37 | view |
| Rupee vs. US Dollar Opens Flat at 84.08 | 29-10-2024 17:22:58 | view |
| This evening, the rupee ended steady at 84.08 against the dollar. | 28-10-2024 23:34:51 | view |
| Rupee trades in narrow ranges against US dollar in early trade | 28-10-2024 17:24:05 | view |
| This evening, the rupee closed at Rs 84.08 with a weakness of 1 paise against the dollar | 25-10-2024 23:35:57 | view |
| Rupee turn flat at 84.07 against US dollar in early trade | 25-10-2024 17:18:15 | view |
| This evening, the rupee appreciated by one paisa against the dollar, finishing at Rs 84.07. | 24-10-2024 23:45:33 | view |
| Rupee turns flat at 84.07 against US dollar in early trade. | 24-10-2024 17:23:48 | view |
| The rupee closed unchanged at 84.08 against the dollar this evening | 23-10-2024 23:43:45 | view |
| Unseasonal Rains Damage Cotton Crop, Farmers Fear Lower Prices | 23-10-2024 18:38:30 | view |
| Rupee trades marginally higher by 1 paise at 84.07 against US dollar | 23-10-2024 17:18:00 | view |
| India’s Cotton Output Likely to Drop 7.4% Due to Excessive Rainfall | 23-10-2024 00:41:44 | view |
| This evening, the rupee ended at Rs 84.08 against the dollar, down by 1 paisa. | 22-10-2024 23:39:29 | view |
