Gujarat is witnessing a sharp decline in forward contract of cotton for export in the new season. Gujarat, which accounts for about 25-30 per cent share in India’s total exports, etc.
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Harvey has come and gone and the impact Irma will have on cotton is yet to be seen. Having caused havoc in the Caribbean, category-4 hurricane Irma after slamming Florida coast according to forecasts, may move upward to South Carolina and Georgia. What influence it will have on cotton in the southern cotton growing regions like Georgia is not clear.
All eyes were on Texas recently, when hurricane Harvey hit South East Texas. Major industrial sectors in Texas such as cotton, oil refinery and transportation have been hard hit by the natural disaster.
According to data compiled by the Cotton Textiles Export Promotion Council (TEXPROCIL), Indian cotton yarn exports witnessed a fall of 9.79 per cent in the first four months of fiscal 2017-18. Exporters cite slow pick up by China and Bangladesh, the two big target markets comprising around half of the cotton yarn shipments from India, for the decline.
Cotton sowing has reached a record high of about 120 lakh hectares in the country during the ongoing kharif season on the back of good rainfall in key growing regions.
The Texas Farm Bureau estimates the cotton crop in the US could be the largest in 11 years, citing a report from the US Department of Agriculture.
The International Cotton Advisory Committee’s Secretariat has forecast that the A Index in 2017-18 will range between 54 cts/lb and 87 cts/lb with a midpoint of 69 cts/lb. The midpoint would be 13 cts/lb lower than in 2016/17. This follows the large increase of 12 cts/lb from 2015-16 to 2016-17, which suggests that such a drop is not unreasonable.