India: Cotton and Products Update
Link to report:
Post estimates cotton production at 29.4 million 480-lb bales in marketing year (MY) 2020/21 on an area of 13 million hectares. Well distributed monsoon rains have provided adequate moisture, accelerated the pace of sowing, and improved yield prospects, which are expected to increase by two percent compared to last year. Ex-gin cotton prices are improving as mill purchases and exports of cotton yarn and fabric show signs of growth. However, sizable carryover cotton stocks remain, which keep prices suppressed. The domestic consumption outlook remains weak as COVID-19 concerns continue to keep consumers away from retail stores.
