Agri Picks Report April 26, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The Cotton Association of India has retained its projection for the country's cotton output in 2023-24 (Oct-Sep) at 31 mln bales (1 bale = 170 kg), according to a release. The association updates its estimates almost every month, based on information received from its members in 11 cotton-growing states and other trade sources. Production of cotton in the north zone, which comprises Punjab, Haryana, and Rajasthan, is estimated at 4.6 mln bales, up 300,000 bales from last year. As of Mar 31, production in the region was 4.2 mln bales. The estimate for the central zone, which comprises Gujarat, Maharashtra, and Madhya Pradesh, is 18.5 mln bales, down from 19.5 mln bales last year. As of Mar 31, 15.3 mln bales of cotton had been produced in this zone. The estimate for the south zone is also seen lower at 7.3 mln bales compared to 7.5 mln bales last year. As of Mar 31, production here was 6.3 mln bales. Other states account for the rest of the output. The opening stock for the season starting October was estimated at 2.9 mln bales, the association said. The total supply of cotton for the 2023-24 season is estimated at 35.9 mln bales, up from 35.5 mln bales a year ago. The association has estimated imports in 2023-24 at 2.04 mln bales, higher than the 1.25 mln bales imported in 2022-23. Total supply till the end of March 2024 is estimated at 29.7 mln bales. The association has estimated domestic consumption in 2023-24 at 31.7 mln bales, up from 31.1 mln bales the previous year. It pegged exports at 2.2 mln bales, up from 1.6 mln bales the previous cotton season. Consumption till Mar 31 is estimated at 16.5 mln bales.

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