Amid a surge in cotton arrivals and low prices in the spot markets of Madhya Pradesh, there has been a pick-up in cotton procurement by the Cotton Corporation of India (CCI), a nodal agency set up under the Textiles Ministry for trading and procurement of cotton. pick up speed.
CCI has procured about 55,000 bales (1 bale is 170 kg) of raw cotton till December 25 at the minimum support price (MSP) set by the government.
The MSP for medium staple cotton is Rs 6,620 per quintal while for long staple cotton it is Rs 7,020 per quintal.
“We have procured 55,000 bales of cotton so far in the state,” said a CCI official on condition of anonymity. Cotton arrivals have increased in spot markets and we will continue purchasing as long as prices remain low or around MSP. We are purchasing produce from farmers as per standard quality parameters and farmers should not panic after seeing low prices.
Cotton traders said that the daily arrival of cotton in the spot markets of Madhya Pradesh is estimated to be 40,000 quintals, of which more than 60 percent is procured by CCI. The nodal agency is purchasing raw cotton from farmers after checking the moisture content and other quality parameters of the produce.
CCI has established 21 procurement centers in Madhya Pradesh. Most of these centers were established in Nimar and Malwa region like Khargone, Khandwa, Kukshi, Dhamnod and other trading centres. CCI gives the purchased produce to contracted ginning units for processing in every state.
Kailash Aggarwal, a cotton farmer and owner of ginning units in Khargone, said, “Due to the fall in prices, farmers have increased the supply of cotton in the spot market, but most of the supply is going to CCI and only limited quantity is going to the market for traders. She is coming." , Quality produce is purchased by CCI.
The Cotton Association of India (CAI) in its crop estimate for November has estimated cotton production in Madhya Pradesh to decline to 18 lakh bales from 19.5 lakh bales in the previous season.
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