CCI Procures 32.81 Lakh Bales of Cotton at MSP for 2023-24 Season
The Cotton Corporation of India (CCI) has announced that it has procured 32.81 lakh bales of cotton at minimum support price (MSP) during the ongoing 2023-24 season. The majority of the cotton has been acquired from Telangana, Andhra Pradesh, Maharashtra, and Gujarat.
As the government's designated agency for cotton procurement at MSP, CCI intervenes when market prices fall below the MSP level. Last year, CCI did not engage in procurement as market prices remained above MSP. However, this season, prices began to decline from mid-October 2023, prompting CCI to initiate procurement operations.
According to a senior CCI official, around 32.81 lakh bales, each weighing 170 kg, have been purchased at MSP so far. Notably, CCI has already sold 3.70 lakh bales of the procured cotton.
For the 2023-24 season, the government has set MSP at Rs 6,620 per quintal for medium staple cotton and Rs 7,020 per quintal for long-staple cotton.
With cotton prices in the open market currently surpassing MSP, it is unlikely that farmers will sell their produce to CCI. However, the agency remains prepared for procurement if market rates drop below the support price again.
The estimated cotton production for the 2023-24 season stands at 323.11 lakh bales, a decrease from the 336.6 lakh bales achieved in the previous season, according to estimates from the agriculture ministry.
Read more....
ЁЯСЗЁЯП╗ЁЯСЗЁЯП╗ЁЯСЗЁЯП╗ЁЯСЗЁЯП╗
Regards
Team Sis
Any query plz call 9111677775
https://wa.me/919111677775
