The Cotton Association of India (CAI) has maintained its cotton crop estimate for the ongoing crop year 2017-18 at 365 lakh bales of 170 kg each, the same level as in the estimates made by it during the last couple of months. The Cotton Body which has released its July estimate has however, revised the State-wise crop estimate for the North Zone compared to the estimates made during the last month, based on the arrival figures up to July 31,2018. In Punjab and Haryana, the crop estimates for the season have been reduced by 2 lakh bales and 50,000 bales respectively compared to the estimate made last month.
However, the crop estimates for Upper Rajasthan and Lower Rajasthan have been increased by 1.00 lakh bales and 1.50 lakh bales respectively compared to the last month based on the arrival figures. CAI has projected total cotton supply up to July 31, 2018 at 400.45 lakh bales which consists the arrival of 353.45 lakh bales up to July 31, 2018, imports the Committee has estimated at 11 lakh bales and the opening stock of 36 lakh bales at the beginning of the season as on October 1, 2017.
Further, the Committee has estimated cotton consumption for 10 months i.e. from October 2017 to July 2018 at 270 lakh bales at 27 lakh bales per month while the shipment of cotton till July 31 is estimated at 67 lakh bales. The stock at the end of July 2018 is estimated at 63.45 lakh bales including 42.65 lakh bales with textile mills while the remaining 20.80 lakh bales are estimated to be held by CCI and others including MNCs, traders and ginners among others.
CAI has estimated total cotton supply till end of the season ie up to 30th September 2018 at 416 lakh bales of 170 kg each which includes opening stock of 36 lakh bales at the beginning of the season. The cotton body has estimated domestic consumption for the season at 324 lakh bales while the exports are estimated to be at 70 lakh bales. The carry-over stock at the end of the 2017-18 season is estimated by the CAI at 22 lakh bales.
Source: financialexpress.com