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The Cotton Association of India (CAI) revised its cotton pressing estimate for the 2023-24 season to 325.29 lakh bales of 170 kg each, up from the previous 323.02 lakh bales. The total cotton supply till September 30, 2024, is projected at 371.69 lakh bales, with increased imports and reduced domestic consumption. The revised domestic consumption is estimated at 313.00 lakh bales, while exports are projected at 28.50 lakh bales. The carry-over stock has been updated to 30.19 lakh bales. These changes reflect adjustments based on data from cotton-growing states and trade sources.

Key Highlights

# Cotton pressing estimate increased to 325.29 lakh bales for 2023-24.

# Total cotton supply for 2023-24 is projected at 371.69 lakh bales.

# Domestic consumption estimate reduced to 313.00 lakh bales.

# Cotton imports revised upwards to 17.50 lakh bales.

# Estimated carry-over stock increased to 30.19 lakh bales.

The Cotton Association of India (CAI) has revised its cotton pressing estimates for the 2023-24 season, which began on October 1, 2023. The updated estimate now stands at 325.29 lakh bales of 170 kg each, slightly higher than the previous forecast of 323.02 lakh bales. This adjustment reflects the latest input from cotton-growing state associations and trade sources. Prices in the cotton market could potentially see upward pressure due to increased pressing numbers and higher supply projections.

The revised estimate for total cotton supply until the end of the season on September 30, 2024, is 371.69 lakh bales, up by 3.37 lakh bales from the prior estimate. This increase is primarily due to higher import estimates, now at 17.50 lakh bales, and adjustments in carry-over stock levels. On the other hand, domestic consumption projections have been revised downwards to 313.00 lakh bales, a reduction of 4.00 lakh bales from the earlier estimate. Export figures have been raised slightly to 28.50 lakh bales, indicating a potential improvement in export demand.

Other developments in the market include a notable increase in carry-over stocks, now estimated at 30.19 lakh bales, suggesting that the supply for the upcoming season may remain ample despite consumption adjustments.

Finally

CAI's revised estimates for the 2023-24 season show increased cotton supply, higher imports, and reduced domestic consumption, potentially influencing market dynamics.

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