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Today Commodity News- CCI's Cotton procurement surges as prices remained below MSP
Procurement of Cotton by Cotton Corporation of India (CCI) has increased to 8.5 lakh bales in the ongoing 2018-19 Cotton season from 3.6 lakh bales during the same period last year as prices remained below the minimum support prices (MSP) due to weak global prices and low exports.
The Corporation expects procurement to touch 15 lakh bales by the end of the season.
The MSP for a medium-staple variety of Cotton is at Rs 5,150/quintal and that for long staple at Rs 5,450/quintal which are roughly equivalent to Rs 43,000-43,500 per candy (1 candy = 356 kg). The government had raised the MSP for Cotton by 26% this year. Around 52% of the crop has already arrived in the market.
A majority of the stock had been procured from Telangana and Maharashtra where farmers are now coming forward to sell to the CCI instead of approaching traders. Cotton is also being bought from Madhya Pradesh, Karnataka, and Odisha. Daily arrivals were 13,000-16,000 bales.
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