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PAKISTAN: The cotton market traded on a firm footing with a slight edge.Lahore: The local cotton market remained firm on Wednesday with satisfactory trading volume.Cotton analyst Naseem Usman told that the rate of new crop of cotton in Sindh and Punjab is Rs 20,000 per head.The rate of footi in Sindh and Punjab ranges from Rs 9,000 to Rs 9,200 per head. 600 bales of Sanghar and 1,000 bales of Tando Adam were sold at Rs 20,000 per head.About 1200 bales of Tando Adam sold at Rs 19,900 to Rs 20,100 per head, 400 bales of Shahdadpur, 200 bales of Hyderabad sold at Rs 20,000 per head, 800 bales of Sanghar at Rs 19,800 to Rs 20,000 per head, 400 bales of Kotri sold at Rs 19,900 per head Rs 20,000 per 200 bales of Man, Khando was sold at Rs.19,800 per head and 200 bales of Khanpur was sold at Rs.22,000 per head.The spot price remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 355 per kg.

Rupee opens 4 paise lower at 82.59 against US dollar ahead of RBI Monetary PolicyThe Indian rupee opened paise lower against the US dollar on Thursday ahead of the Reserve Bank of India’s monetary policy announcement and decision on interest rates. Weak Asian currencies also pressurized the local rupee. The rupee opened at 82.59 a dollar against the previous close of 82.55

Rupee strengthened by 6 paise against dollarThe rupee strengthened by 6 paise to close at Rs 82.55 against the dollar this evening.Sensex up 350 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63142.96 points with a gain of about 350.08 points.On the other hand, the Nifty closed at a level of 18726.40 points with a gain of 127.40 points.

Cabinet likely to increase MSP for Kharif crops on paddy, ragi, maize, tur, moong etc.The Commission for Agricultural Costs and Prices (CACP) has recommended a 3-8 per cent hike in the MSP of Kharif crops like paddy, ragi, maize, arhar, moong. MSP may be announced for marketing season 2023-24.The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi is likely to approve an increase in the Minimum Support Price (MSP) for all mandated Kharif crops for the marketing season 2023-24.MSP, which is calculated at least 1.5 times the farmers' cost of production, is the rate at which the government buys crops from farmers. A "minimum price" (MSP) is set for any crop which the government considered beneficial to the farmers and therefore deserves "support".The crops are sown from June to July and harvested between September-October. The crops are: Rice, Maize, Jowar, Bajra, Arhar, Moong, Urad, Cotton, Jute, Groundnut, Soybean etc.

China's exports fall in May due to lack of global demandChina's exports contracted faster than expected in May, while imports slumped, raising doubts about a fragile economic recovery, especially from developed markets, with a grim outlook for global demand.The world's second-largest economy grew faster than expected in the first quarter, thanks to stronger services consumption and a backlog of orders after years of COVID disruptions, but rising interest rates in the United States and Europe and inflation on demand Due to this, factory production has slowed down.Exports fell 7.5% year-on-year in May, data from China's customs bureau showed on Wednesday, much larger than the forecast 0.4% drop and the biggest drop since January. Imports declined 4.5%, which was slower than the expected 8.0% decline and April's 7.9% decline."Weak exports confirm that China needs to rely on domestic demand as the global economy slows," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "There is more pressure on the government to boost domestic consumption in the rest of the year, as global demand is likely to weaken further in the second half.""Looking ahead, we expect exports to fall further before leveling off later this year," said Julian Evans-Pritchard, head of China economics at Capital Economics. "Although interest rates outside China peaked, the backward effect from the sharp rate hike is set to weaken activity in advanced economies later this year, in most cases triggering a mild recession."

Cotton market becoming less ready for Indian, US exportsTOKYO - International cotton prices are likely to rise due to predictions of a weak cotton crop in India, the world's second-biggest producer, which has pushed the country to the brink of becoming a net importer.The price touched 87.98 cents on May 19, the highest level in nearly four years after the US Department of Agriculture downgraded its export forecast for India last week.The USDA estimates that India will export 1.4 million bales of cotton for the 2022-23 year ending this July - 22% lower than the previous estimate made in April and less than half of last year's 3.74 million bales.Bad weather is believed to be damaging India's cotton crop in Telangana, Maharashtra and other states. Cotton Association of India has reduced its production estimate.Cotton market watchers expect India to boost imports, partly thanks to a tariff-reduction deal with Australia. The USDA estimates that India is on track to import 1.75 million bales in 2022-23.India has benefited from more open western markets for textiles from developing countries since the mid-2000s, but it may again become a net importer of cotton for the first time since 2004-05.A source in a trading company said, "The reduced supply from a major exporter like India will shift demand to other cotton-producing countries, putting pressure on global supply and demand."According to USDA projects, the world's largest cotton exporter, the U.S. Exports by, will fall 14% in 2022-23. The state of Texas, which accounts for 40% or more of US cotton production, is dealing with a drought.Exports from Brazil, another big cotton producer, are projected by the USDA to fall 11%.This leaves little capacity to fill the hole left by the decline in Indian exports. Meanwhile the demand for cotton is increasing. The USDA expects global cotton use to grow 6% more than production for 2023-24.Apparel demand is on the rise with the economic recovery from the "COVID" pandemic, especially in Asia, and usage in Turkey and Pakistan, which are major consumers, will bounce back next year after a decline stemming from natural disasters.

Pakistan: There was some movement in the cotton market.LAHORE: The local cotton market witnessed little activity on Tuesday with good trading volume. Cotton Analyst...LAHORE: The local cotton market saw good trading volume on Tuesday. Cotton analyst Naseem Usman told that the rate of new crop of cotton in Sindh and Punjab is Rs 20,000 per head. The rate of footi in Sindh and Punjab ranges from Rs 9,000 to Rs 9,200 per head. 600 bales of Sanghar and 1,000 bales of Tando Adam were sold at Rs 20,000 per head.About 4000 bales of Tando Adam were sold at Rs.19,800 to 20,000 per head, 600 bales of Shahdadpur at Rs.20,000 per head, 200 bales of Hyderabad at Rs.19,900 per head, 2400 bales of Sanghar at Rs.19,900 per head. 19,800 to Rs.20,000 per head, 200 bales of Burewala at Rs.20,500 per head, 200 bales of Chichavatni at Rs.20,300 per head and 871 bales of Nawab Shah was sold at Rs.17,500 to Rs.17,600 per head.The spot price remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 355 per kg.

Rupee opens 5 paise higher at 82.56 against US dollarThe Indian rupee opened 5 paise higher against the US dollar Wednesday led by an uptick in Asian peers and a broader weakness in the greenback. The rupee opened at 82.56 to a dollar against the previous close of 82.61

Maharashtra: Cotton farmers in a new trouble, new crisis after price fallCotton seed issue: Worried about not getting the expected price for cotton, farmers are now facing a new problem of seed shortage.Yavatmal: With only two days remaining for the rooster constellation, the demand for sowing by the farmers has intensified. The rush to buy seeds is increasing. But the difficulty has increased due to non-availability of seeds of reputed companies. Because farmers are urged to buy low quality seeds. As complaints are increasing in this regard, farmers are demanding timely measures from the government. Farmers who have access to irrigation practice dust sowing. Dry land sowing is also done if the rainfall pattern is satisfactory. To avoid rush on time, farmers start procuring seeds and fertilizers well in advance. As soon as the monsoon starts advancing over Kerala, approx.Kharif is sown in 9 lakh 2 thousand 72 hectares in Yavatmal district. Out of this, cotton is grown in 4 lakh 55 thousand area while soyabean has 2 lakh 86 thousand 144 hectare. A demand for 22 lakh 75 thousand packets of seeds has been registered by the Agriculture Center Director. Seeds are also available in the market. But, the seed companies are not getting the seeds which the farmers were expecting. On asking for four packets, only two are being given. The other two packets are also requested to be picked up by specific companies. Earlier, due to shortage of seeds in Yavatmal district, farmers used to buy seeds from Adilabad district situated on the Telangana border. There also there are complaints from farmers that seeds of reputed companies are not available. Ramesh Buch, a wholesaler of agricultural literature, said that the government is responsible for the shortage of seeds due to drought-ravaged crop and adoption of new technology.

Rupee strengthened by 6 paise against dollarThe rupee strengthened by 6 paise to close at Rs 82.60 against the dollar this evening.Today the stock market closed with a boom.Today, where the Sensex closed at a level of 62792.88 points with a gain of about 5.41 points.On the other hand, Nifty closed at 18599.00 points with a gain of 5.20 points.

Madhya Pradesh: Sowing of earlier varieties of cotton beginsAs farmers have started sowing early varieties of cotton in some areas of Indore division, the agriculture department expects cotton to cover about 5.46 lakh hectares in Indore division.Indore Agriculture Department's Joint Director Alok Meena said, "The work of sowing cotton is going on in the division. The weather is looking favorable for cotton. Going by the initial trends, cotton is likely to be sown in about 5.46 lakh hectares this Kharif season. Farmers of Khandwa, Khargone and surrounding areas have started sowing of earlier varieties of cotton.According to the Agriculture Department, last year in the Kharif season of 2022, farmers had sown cotton in 5.40 lakh hectares.The per hectare productivity of cotton is also expected to increase in the kharif season, said official data."The estimated yield of cotton is seen at 1,803 kg per hectare as against last year's 1,480 kg per hectare," Meena said. The major kharif crops sown in Indore division are soyabean, cotton, maize and pulses.Kailash Agarwal, a cotton farmer and owner of ginning units in Khargone, said, “Sowing of cotton has started especially in Khargone, Barwani and Khandwa pockets. The area under cotton cultivation is increasing this kharif season as farmers got good prices for their produce last year.The average price of seed cotton in this season is around Rs 8000 per quintal, while in the last season it was Rs 6000-6200 per quintal.