CAI lowers Oct estimate to 353 lakh bales due to bad weather

Cotton Association of India (CAI) on Monday lowered its October estimate by 4.75 lakh bales of the cotton crop to 343.25 lakh bales for the season 2018-19, beginning from October 1, mainly due to adverse weather conditions.

Earlier, CAI had estimated cotton output at 348 lakh bales, a release said here.

The CAI has revised down wards the crop estimate for Gujarat by 2 lakh bales, Maharashtra by 1 lakh bales, Karnataka by 1 lakh bales and Odisha by 75,000 bales compared to its previous estimate due to unfavourable weather conditions, it added.

The projected total cotton supply during October was at 50.13 lakh bales, which includes arrival of 26.13 lakh bales during October, imports during October that the cotton committee has estimated at 1 lakh bales and the opening stock at the beginning of the season as on October 1, that was estimated at 23 lakh bales.

Further, the committee has estimated cotton consumption during October 2018 at27 lakh bales while the export shipment of cotton during the month has been estimated at 2.50 lakh bales.

CAI has estimated total cotton supply till end of the season, up to September 30 2018 at 390.25 lakh bales, of 170 kgs each, which includes opening stock of 23 lakh bales at the beginning of the season and imports of 24 lakh bales that is estimated to be higher by 9 lakh bales compared to the imports figure of 15 lakh bales estimated for the 2017-18 crop year.

Domestic consumption for the season is estimated at 324 lakh bales while the exports are estimated to be 51 lakh bales, which are lower by 18 lakh bales compared to 69 lakh bales during the last year.

The carry-over stock at the end of the 2018-19, season is estimated by at 15.25 lakh bales.

The stock at the end of October 2018 is estimated at 20.63 lakh bales including 16.53 lakh bales with textile mills while the remaining 4.10 lakh bales are estimated to be held by Cotton Commission of India (CCI) and others (MNCs, traders, ginners among others).