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NCDEX tips, Apex cotton body lowers crop estimate by 2% to 367 lakh bales

The Cotton Association of India (CAI) has, in its latest estimate, lowered the crop size by 8 lakh bales (of 170 kg each) to 367 lakh bales against the earlier estimate of 375 lakh bales.
For the 2017-18 season, beginning from October 1, 2017, the CAI reduced the crop estimate to 367 lakh bales citing severe infestation of cotton with pink bollworm.
“In accordance with the advice of the scientists, farmers in several areas, particularly in Maharashtra and Telangana, have uprooted their cotton crop without waiting for further pickings,” the CAI said in a statement issued on Friday.
The projected balance sheet drawn by the CAI estimated total cotton supply for the season at 417 lakh bales including an opening stock (or carryover stock) of 30 lakh bales at the beginning of the season and the imports, which the CAI estimated, at 20 lakh bales.
The domestic consumption is pegged at 320 lakh bales, while exports for the season are seen at 55 lakh bales.
The carryover stock at the end of this season on September 30, 2018, is estimated to be 42 lakh bales.