India: Cotton and Products Update June 2023

  |   Attaché Report (GAIN)   |   IN2023-0047

FAS Mumbai estimates marketing year (MY) 2023/24 India cotton production at 26 million 480 lb. bales on 12.7 million hectares planted, a decrease from the previous year on the expectation that farmers will shift cotton acreage to higher return crops such as oilseeds and pulses. MY 2023/24 cotton sowing is 14 percent lower than last year, predominately in central and southern India due to delayed southwest monsoon rains. The Government of India has increased their MY 2022/23 production estimate to 26.8 million 480 lb. bales, validating that farmers have improved their storage and holding capacity as evident by significant volumes of market arrivals late in the season. However, the recent announcement of a 10 percent increase in the MY 2023/24 minimum support price for long staple cotton may prompt farmers to hold arrivals till new rates are effective from October onwards.

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