CAI retains cotton crop estimate at 365 lakh bales

The Cotton Association of India (CAI) has retained its August crop estimate for the ongoing crop year 2017-18 at 365 lakh bales, 170 kg each, the same level as the previous month.

The total cotton supply up to August 31, was at 407.50 lakh bales, which consists the arrival of 358 lakh bales up to August 31, imports at 13.50 lakh bales and the opening stock at the beginning of the season as October 1, 2017 which was estimated at 36 lakh bales, CAI said in a release here.

Further, CAI has estimated cotton consumption for 11 months, from October 2017 to August 2018 at 297 lakh bales, while the shipment of cotton till August 31 2018 has been estimated at 69 lakh bales.

The stock at the end of August is estimated at 41.50 lakh bales, including 30.40 lakh bales with textile mills while the remaining 11.10 lakh bales are estimated to be held by Cotton Corporation of India (CCI) and others including MNCs, traders, ginners, among others.

CAI has estimated the total cotton supply till end of the season up to September 30, at 416 lakh bales, which includes opening stock of 36 lakh bales at the beginning of the season.

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

CAI estimated the carry-over stock at the end of the 2017-18 season at 22 lakh bales.