In its just released estimate for October 2023, Cotton Association of India (CAI) has reduced cotton pressing estimate for 2023-24 crop year by one lakh bales to 294.10 lakh bales of 170 kg each. The Association had previously estimated cotton pressing to remain at 295.10 lakh bales. CAI estimates total cotton supply in October 2023 to have remained at 54.74 lakh bales of 170 kg each. This includes arrivals of 24.34 lakh bales, import of 1.50 lakh bales and the opening stocks at 28.90 lakh bales of 170 kg each at the beginning of the season.
Cotton consumption estimated in October 2023 is at 26 lakh bales of 170 kg each while it expects export shipments to be approximately one lakh bales. Cotton stocks by the end of October 2023 are estimated to reach 27.74 lakh bales. These include, 25 lakh bales with textile mills and the remaining 2.74 lakh bales with CCI, Maharashtra Federation and others (MNCs, traders, ginners, etc.) including cotton sold but not delivered.
The total cotton supply till 2023-24-end is estimated at 345 lakh bales against last year’s total cotton supply of 355.40 lakh.
Cotton pressing numbers estimated for the season include 294.10 lakh bales of 170 kg each while imports are estimated at 22 lakh bales. CAI also estimates exports to be lower by 1.50 lakh bales of 170 kg each in the ongoing 2023-24 season compared to last year.