Mumbai, Jan 7 (PTI) Cotton Association of India (CAI) on Thursday said it has increased its crop estimate by 2.50 lakh bales for the 2020-21 season to 358.50 lakh bales due to more carry over stock.
The total cotton production for the 2019-20 season stood at 360 lakh bales, CAI said in a statement.
The cotton season runs from October to September.
Total cotton supply estimated by the CAI during October to December 2020 is 327.35 lakh bales, which comprises arrivals of 197.85 lakh bales, imports estimated at 4.50 lakh bales, and opening stock of 125 lakh bales as on October 1, 2020.
The CAI Crop Committee has estimated the total cotton supply till end of the cotton season 2020-21 is at 497.50 lakh bales.
This consists of the revised opening stock beginning October 1, 2020, crop for the season estimated at 358.50 lakh bales and imports estimated by the CAI at 14 lakh bales.
“Also, the Committee has made one-time increase from 107.50 lakh bales to 125 lakh bales on account of an error that did not account the stock of the government agencies, that is CCI and Maharashtra Federation at the close of the previous cotton year, which was sold but was not delivered,” CAI president Atul Ganatra added.
Further, the CAI has estimated cotton consumption during October to December at 82.50 lakh bales, while export shipments of cotton is estimated at 20 lakh bales.
Stock at the end of December is estimated at 224.85 lakh bales, including 65.00 lakh bales held by mills in their warehouses, and 159.85 lakh bales each held by Cotton Corporation of India (CCI), Maharashtra Federation, MNCs, Ginners among others.
Domestic consumption has now been estimated at 330 lakh bales, the same level as estimated previously.
The consumption is estimated to reach its normal level this year after the disruption and labour shortage caused on account of the lockdown imposed in the country.
Meanwhile, the CAI has estimated exports for the current cotton season at 54 lakh bales.
The carry-over stock at the end of the cotton season 2020-21 is estimated at 113.50 lakh Bales, the statement added.
Source: outlookindia.com