CAI RETAINS ITS MARCH COTTON PRESSING ESTIMATE FOR 2023-24 COTTON SEASON AT 309.70 LAKH BALES
Cotton Association of India (CAI) has released its March estimate of the cotton pressing numbers for 2023-24 season, which began on 1st October 2023. CAI has retained its cotton pressing estimate for 2023-24 season at 309.70 lakh bales of 170 kgs. each (equivalent to 324.99 lakh running bales of 162 kgs. each). Based on input received from the members of 11 cotton growing state associations and other trade sources, the Committee maintained pressing figures for 2023-24 season at the same level as estimated by it previously. The State-wise break-up of the Cotton pressing numbers as well as Balance Sheet for the season with the corresponding data for the previous crop year are enclosed.
The total cotton supply till end of March 2024 is estimated at 297.03 lakh bales of 170 kgs. each (equivalent to 311.70 lakh running bales of 162 kgs. each) which consists of the arrivals of 263.13 lakh bales of 170 kgs. each (equivalent to 276.12 lakh running bales of 162 kgs. each), imports of 5.00 lakh bales of 170 kgs. each (equivalent to 5.25 lakh running bales of 162 kgs. each) and the opening stock estimated by the CAI at 28.90 lakh bales of 170 kgs. each (equivalent to 30.33 lakh running bales of 162 kgs. each) at the beginning of the season.
Further, the CAI has estimated cotton consumption upto the end of March 2024 at 165.00 lakh bales of 170 kgs. each (equivalent to 173.15 lakh running bales of 162 kgs. each) while the export shipments upto 31st March 2024 are estimated by the CAI at 18.00 lakh bales of 170 kgs. each (equivalent to 18.89 lakh running bales of 162 kgs. each). Stock at the end of March 2024 is estimated at 114.03 lakh bales of 170 kgs. each (equivalent to 119.66 lakh running bales of 162 kgs. each) including 47.00 lakh bales of 170 kgs. each (equivalent to 49.32 lakh running bales of 162 kgs. each) with textile mills which is about 51 days consumption and the remaining 67.03 lakh bales of 170 kgs. each (equivalent to 70.34 lakh running bales of 162 kgs. each) with CCI, Maharashtra Federation and others (MNCs, traders, ginners, etc.) including cotton sold but not delivered.
The CAI has retained its total cotton supply till end of the cotton season 2023-24 (i.e. upto 30th September 2024) at the same level as estimated previously i.e. at 359.00 lakh bales of 170 kgs. each (equivalent to 376.73 lakh running bales of 162 kgs. each). The total cotton supply consists of the opening stock of 28.90 lakh bales (equivalent to 30.33 lakh running bales of 162 kgs. each) at the beginning of 2023-24 season on 1st October 2023, cotton pressing numbers estimated for the season at 309.70 lakh bales of 170 kgs. each (equivalent to 324.99 lakh running bales of 162 kgs. each) and imports for the season estimated at 20.40 lakh bales of 170 kgs. each (equivalent to 21.41 lakh running bales of 162 kgs. each). The cotton imports estimated by the CAI for the season are higher by 7.90 lakh bales of 170 kgs. each compared to last year.
The domestic consumption estimated by the CAI is the same as estimated previously i.e. 317 lakh bales of 170 kgs. each (equivalent to 332.65 lakh running bales of 162 kgs. each). The exports for the season 2023-24 estimated by the CAI are the same as estimated previously i.e. 22 lakh bales of 170 kgs. each (equivalent to 23.09 lakh running bales of 162 kgs. each) as against 15.50 lakh bales of 170 kgs. each (equivalent to 16.27 lakh running bales of 162 kgs. each) estimated for 2022-23 season.
The CAI will review and finalise its estimated cotton balance sheet for ongoing crop year 2023-24 including cotton production, consumption, exports, imports numbers at the ensuing all India meeting of its National Crop Committee with Stakeholders which is scheduled to be held on Monday, the 10th June 2024 in Ludhiana (Punjab). This meeting is very important and entire cotton value chain including spinning mills, MNCs, ginners, traders, importers, exporters, brokers, Presidents / Secretaries of upcountry associations representing all 11 cotton growing states will attend this meeting.
SALIENT FEATURES OF THE CAI CROP COMMITTEE MEETING HELD ON 24TH APRIL 2024
The Crop Committee of the Cotton Association of India (CAI) held its meeting on Wednesday, the 24th April 2024 virtually, which was attended by 20 members representing various cotton growing regions of the country. Based on the input given by the representatives of each state association, the CAI Crop Committee has estimated total cotton pressing numbers for 2023-24 season and has also drawn cotton balance sheet for 2023-24 season.
The following are the salient features of the CAI crop report: -
1. CONSUMPTION
The CAI has maintained cotton consumption for 2023-24 season at 317 lakh bales of 170 kgs. each (equivalent to 332.65 lakh running bales of 162 kgs. each) i.e. same as estimated previously.
Upto 31st March 2024, the consumption is estimated at 165.00 lakh bales of 170 kgs. each (equivalent to 173.15 lakh running bales of 162 kgs. each).
2. COTTON PRESSING
As per the crop report submitted by upcountry associations and trade sources at the meeting of the CAI Crop Committee, the Committee has retained its cotton pressing estimate at 309.70 lakh bales of 170 kgs. each (equivalent to 324.99 lakh running bales of 162 kgs. each).
The Committee members will have a close watch on the pressing numbers of cotton in the subsequent months and if any addition or reduction is required to be made in the pressing numbers, the same will be made in the CAI report.
3. IMPORTS
The cotton imports into India during 2023-24 season are also maintained at 20.40 lakh bales of 170 kgs. each (equivalent to 21.41 lakh running bales of 162 kgs. each) as against 12.50 lakh bales of 170 kgs. each (equivalent to 13.12 lakh running bales of 162 kgs. each) estimated for last season. The cotton imports estimated for the ongoing crop year 2023-24 are higher by 7.90 lakh bales of 170 kgs. each compared to last year.
Upto 31st March 2024, about 5.00 lakh bales of 170 kgs. each (equivalent to 5.25 lakh running bales of 162 kgs. each) are estimated to have arrived the Indian Ports.
4. EXPORTS
The Committee has retained its cotton exports estimate at 22 lakh bales of 170 kgs. each (equivalent to 23.09 lakh running bales of 162 kgs. each). The cotton exports for 2023-24 crop year are estimated to be higher at 6.50 lakh bales of 170 kgs. each as against 15.50 lakh bales of 170 kgs. each (equivalent to 16.27 lakh running bales of 162 kgs. each) estimated for the last season.
5. CLOSING STOCK AS AT 30TH SEPTEMBER 2024
The closing stock as on 30th September 2024 is estimated at 20 lakh bales of 170 kgs. each (equivalent to 20.99 lakh running bales of 162 kgs. each) as against 28.90 lakh bales of 170 kgs. each (equivalent to 30.33 lakh running bales of 162 kgs. each) in last year.
Mumbai
Date: 25th April 2024
Atul S. Ganatra
President
