CAI hikes cotton crop estimate for 2017-18 to 365 lakh bales

The Cotton Association of India (CAI) today increased its May estimate of the cotton crop production for the 2017-18 season (October to September) by five lakh bales to 365 lakh bales.

The April estimate of cotton crop was at 360 lakh bales of 170 kgs each.

The upward revision in the May estimates is mainly due to higher yield estimated in Gujarat, Karnataka, Andhra Pradesh, Madhya Pradesh and Tamil Nadu, CAI said in a release.

The total cotton supply up to May 31 this year has been projected at 378.50 lakh bales, which consists of the opening stock of 30 lakh bales at the beginning of the season on October 1, 2017, the arrival of 340 lakh bales up to May 31, and imports which is estimated at 8.50 lakh bales up to May end.

Further, CAI said, it has estimated cotton consumption for eight months, October 2017 to May 2018, at 216 lakh bales at an average of 27 lakh bales per month, while the export shipment till May 31 has been estimated at 62 lakh bales.

The total stocks at the end of May is estimated at 100.50 lakh bales, including 58 lakh bales with textile mills, while the remaining 42.50 lakh bales are expected to be held with the Cotton Corporation of India (CCI) and others (traders, ginners, among others).

CAI has estimated total cotton supply till end of the season, that is up to September 30, at 410 lakh bales.

The domestic consumption for the season was estimated at 324 lakh bales, while the exports for the season was projected to be at 70 lakh bales.

The carry-over stock at the end of the 2017-18 crop year is estimated at 16 lakh bales.

Around 93 per cent of the total crop for the season has already arrived in the market up to May 31 this year, CAI added.