The Cotton Association of India (CAI) has maintained its pressing estimate for the 2023-24 season at 294.10 lakh bales of 170 kg each.

Based on the inputs received from the members of 11 cotton-growing State associations and other trade sources, CAI has retained the pressing figures for 2023-24 season at 294.10 lakh bales — the same level estimated by it previously.

In a statement on Thursday, CAI President Atul S Ganatra said total supply till end November was estimated at 92.05 lakh bales, which consisted market arrivals of 60.15 lakh bales, imports of 3 lakh bales and the opening stocks of 28.90 lakh bales, estimated at the start of the season.

Exports pegged at 3 lakh bales

Consumption till end November stood at 53 lakh bales, while exports were estimated at 3 lakh bales. Stocks at the end of November stood at 36.05 lakh bales. This included 27 lakh bales with textile mills and remaining 9.05 lakh bales with Cotton Corporation of India, Maharashtra Federation and others such as traders, MNCs and ginners. This includes cotton sold but not delivered.

Total cotton supply for the current cotton season ending September 2024 is estimated at 345 lakh bales of 170 kg each. This consisted of opening stocks of 28.90 lakh bales at the start of season on October 1, 2023, estimated imports of 22 lakh bales and pressing figures of 294.10 lakh bales. Imports estimated by CAI for the current season are higher by 9.50 lakh bales of 170 kg each compared to the last year.

CAI has pegged the estimated domestic consumption figures at 311 lakh bales, same as that of last year. Exports estimated by CAI are lower at 14 lakh bales of 170 kg each, down from the previous season’s 15.5 lakh bales. The closing stocks for the current 2023-24 season ending September are projected to be at 20 lakh bales, lower than the previous year’s 28.90 lakh bales, the CAI said.