Drought in many cotton-growing regions may reduce India’s cotton crop production by 7.87% to 343 lakh bales (of 170 kg each) in the 2018-19 season, the Confederation of Indian Textile Industry (CITI) said in its latest report.
The domestic textile industry body based the projections on actual data collected from cotton-growing areas for the October-September 2018 crop season.
The Cotton Advisory Board had estimated the cotton crop to be 361 lakh bales on November 22, 2018.
CITI said drought in many cotton-growing regions of Gujarat, a few regions of Maharashtra and a few areas in other cotton growing states has affected the yield.
“Though we have a smaller crop size this year in comparison to last year, the cotton supply position is comfortable with a big ending stock of 40 lakh bales, CITI said.
“Thanks to a big opening stock, smaller exports and large imports, the production deficit is well covered. CCI (Cotton Corporation of India) has also started selling its stock, which will further increase liquidity in the cotton market,” the industry body said in its report.
“Cotton prices are likely to remain steady and range-bound. Early monsoon and import arrivals in India may create downward pressure on cotton prices from June 2019,” the report said.- PTI