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USDA cuts cotton estimates for India by 20 lakh bales.


Date: 14-05-2019
Subject: USDA cuts cotton estimates for India by 20 lakh bales
The United States Department of Agriculture (USDA), which had estimated the Indian cotton production estimate for the 2018-19 crop year at 345 lakh bales (of 170 kg each), have now reduced their latest estimate by 20 lakh bales to 325 lakh bales.

The USDA have made this reduction in their latest estimate, which has been released on May 10, 2019 after extensive deliberations with the Cotton Association of India (CAI) and also after considering all aspects and the prevailing situation in India, said Atul Ganatra, president, CAI, in a statement.

CAI’s April estimate for the 2018-19 season has placed the Indian cotton crop at 321 lakh bales. The cotton body has reduced its production estimate for 2018-19 crop year, beginning October 1, 2018, to 315 lakh bales, lower by 6 lakh bales, compared to its previous estimate of 321 lakh bales released last month.

The cotton crop estimate released by the CAI for Maharashtra is lower by 2 lakh bales compared to its previous estimate made last month while the cotton crop estimates for the North Zone, Madhya Pradesh, Telangana and Andhra Pradesh, now made by the CAI, are lower by 1 lakh bales each compared to the previous month estimate.

Water scarcity in some states and uprooting of cotton plants by farmers in about 70-80% area without waiting for 3rd and 4th pickings are the main reasons for reduction in the cotton crop this year, Ganatra had said.

The total cotton supply, estimated by the CAI during the period from October 2018 to April 2019, is 314 lakh bales which consists of arrival of 278.73 lakh bales and imports of 7.27 lakh bales up to April 30, 2019 and the opening stock at the beginning of season on October 1, 2018 at 28 lakh bales.

Further, the CAI has estimated cotton consumption during the months of October 2018 to April 2019 at 183.75 lakh bales while the export of cotton estimated by the CAI up to April 30, 2019 is 42.5 lakh bales.

Stock at the end of April 2019 is estimated by the CAI at 87.75 lakh bales including 40 lakh bales with textile mills and remaining 47.75 lakh bales with CCI, MNCs and others (MNCs, traders, ginners, among others).

Source: financialexpress.com

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