Cotton crop for 2019-20 now estimated at 354.50 lakh bales
Mumbai, Aug 17 (IANS) The Cotton Association of India (CAI) has pegged India’s cotton harvest for crop season 2019-20 (October-September) at 354.50 lakh bales (of 170 kg each), as per its July estimate released on Monday.
The trade body had, last month, estimated the crop at 335.50 lakh bales.
The total supply during October 2019-July 2020, as per CAI estimates, is 392.40 lakh bales, comprising arrival of 345.40 lakh bales upto July 31, imports of 15 lakh bales till last month and an opening stock of 32 lakh bales at the season’s beginning on October 1, 2019.
The CAI has estimated cotton consumption during October 2019-July 2020 at 206 lakh bales while the export shipments upto July 31 amount to 43 lakh bales. Stock at the end of July is estimated at 143.40 lakh bales – 15 lakh bales with textile mills and the remaining 128.40 lakh bales with the Cotton Corporation of India/Maharashtra Federation and others (MNCs, MCX, traders, ginners, etc.).
The CAI’s Crop Committee has estimated total supply till the season’s end (September 30) at 402.50 lakh bales, against 382.50 lakh bales estimated the previous month.
Total cotton supply comprises opening stock of 32 lakh bales at the season’s beginning on October 1, 2019, crop for the season estimated at 354.50 lakh bales and imports at 16 lakh. The imports estimated for the 2019-20 crop year are just half of the previous year’s import estimate of 32 lakh bales.
Domestic consumption for the entire crop year is now estimated at 250 lakh bales, a reduction of 30 lakh bales compared to earlier estimates due to lower consumption on account of disruptions caused by the Covid-19 pandemic and the resulting labour shortage.
The CAI has estimated exports at 50 lakh bales, 8 lakh bales more than estimated for the previous season, due to the favourable conditions now existing for export of cotton from India.
“Production at 354.50 lakh bales increased by 19 lakh bales, while consumption reduced drastically from 331 lakh bales to 250 lakh bales. Export target is increased from 47 lakh bales to 50 lakh bales,” CAI President Atul Ganatra said.
The carry-forward stock has increased from 55 lakh bales to 102 lakh bales which is an all time high, he added.
–IANS
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