India's cotton production for the 2016-17 season ending this month has been estimated at 345 lakh bales, four per cent higher than the previous season production of 332 lakh bales.

Production for this season has been estimated at 23.19 million tonnes, 10 per cent higher than the previous season's 21.07 million tonnes due to increased production in all major cotton growing countries, B Lakshminarayana, chairman of Southern India Mills Asociation Cotton Development and Research Association said here.

Though worldwide cotton consumption has been estimated at 24.74 million tonnes, two per cent higher than the previous season's 24.22 million tonnes, India's consumption (including non-mill consumption) has been calculated at 312 lakh bales, marginally lower than previous season's 315 lakh bales,he said in his address to SIMA's 42nd Annual General Meeting here yesterday.

Stating that global exports are estimated at 8.1 million tonnes, higher than previous season's figure of 7.7 million tonnes, he said exports during the season had come down to 60 lakh bales from the previous season's 69 lakh bales.

As far as the cotton season 2017-18 is concerned, global production and consumption has been estimated to be marginally higher than previous season, at 25.54 and 25.56 million tonnes respectively, an association release said today.

Global cotton trade is expected to be at the previous season level of about 8 million tonnes, Lakshminarayana said.

Global stocks at the season end have been estimated at 19.62 million tonnes, marginally higher than previous season ending stock of 19.59 million tonnes.

The Minimum Support Price of fair average quality kapas of medium staple and ong staple was increased by Rs 50 for 2016-17 season and MSP of medium staple and long staple was Rs 3,860 and Rs 4,160 per quintal respectively.

There was a recommendation to increase MSP by Rs 160 for 2017-18 season and accordingly, MSP for the season for medium staple and long staple would be Rs 4,020 and Rs 4,320 respectively, Lakshminarayana said.

As the 2015-16 season (Oct-Sept) average of Shankar-6 stood at Rs 36,978 per candy, 12 per cent higher than previous season average of Rs 33,159 per candy, prices increased in the 2016-17 season. The average during October to August worked out to Rs 41,680 per candy, higher by 13 per cent, he said.

With comfortable cotton supply in the domestic and international markets, the prices are anticipated to ease in the coming months, he said.