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ICE cotton dips as traders await USDA reportsICE cotton futures eased on Thursday ahead of a monthly supply and demand report, with some traders expecting the United States Department of Agriculture (USDA) to raise its estimate for US supply in the report.The USDA’s keenly awaited World Agriculture Supply and Demand Estimate (WASDE) report is due on Friday.Peter Egli, director of risk management at British merchant Plexus Cotton, said the USDA could raise its estimate for US output as current conditions pointed to a good crop.“Supplies are tight now and shipments are being delayed in a lot of places, but supply is going to start to stream in about one to two months and then we will see how quickly we can satisfy demand,” Egli said.The USDA’s weekly crop progress report on Tuesday showed 61% of the cotton crop was in a good-to-excellent condition in the week ended Sept. 5. That was down from 70% in the prior week, but still well above the 44% for the same period a year ago.Market participants were also looking ahead to the USDA’s weekly export sales report on Friday. The report was delayed due to the Labor Day holiday.“The global economy is weakening and we have to see what that means for demand going forward,” Egli said. He added that Tropical Depression Mindy - which could bring rain to South Carolina and Georgia - was unlikely to have a major impact on supply.Certificated cotton stocks deliverable as of Sept. 8 totaled 64,455 480-lb bales, down from 68,502 in the previous session.

All India Weather Forecast for September 10, 2021Countrywide weather systemsThe Low Pressure Area lies over Central parts of West Madhya Pradesh and adjoining East Rajasthan. The associated cyclonic circulation extends up to 7.6 km above mean sea level.Weather movement across the country during the last 24 hoursLight to moderate rain occurred over South and Southeast Rajasthan, remaining parts of Madhya Pradesh, Coastal Karnataka, parts of Kerala, parts of Odisha, Himachal Pradesh, Uttarakhand and Coastal Andhra Pradesh.Light rain occurred over Delhi, remaining parts of Madhya Pradesh, West Uttar Pradesh, Telangana, Interior Karnataka and South Kerala.Possible weather activity during next 24 hoursDuring the next 24 hours, light to moderate rain with one or two parts of Telangana may occur at isolated places over Andaman and Nicobar Islands, Gujarat, Southeast Rajasthan, Madhya Pradesh, parts of Chhattisgarh, parts of Odisha and Telangana. Is. Light to moderate rain with one or two heavy spells is possible over Coastal Karnataka, Uttarakhand, Himachal Pradesh and East Rajasthan. Light to moderate rain is possible over Jammu and Kashmir, West Bengal, Northeast India, Sikkim, parts of Uttar Pradesh, Interior Odisha, Delhi, Punjab and Haryana. Isolated light rain is possible over Telangana, Interior Karnataka, Kerala and Tamil Nadu and Lakshadweep.

*Cotton woven yarn prices in India & China to rise this winter**Prices of China’s 32/1 combed cotton yarn and India’s 30/1 combed cotton yarn are expected to rise during the peak season for textiles and clothing as the demand for winter clothing is expected to increase in the coming months. The demand for new cotton is also expected to move up in China and will likely be procured immediately by the country’s spinners.**The rising demand from western countries will also strengthen the price of the cotton yarn.**The 32/1 combed cotton yarn price went up from 24.26 CNY/kg in January 2021 to 26.57 CNY/kg in June 2021. It further increased by 6.89 per cent to 28.40 CNY/kg in August 2021.**The price is expected to touch 30.04 CNY/kg in November 2021, recording a rise of 5.77 per cent.**The price of 30/1 combed cotton yarn was ₹254.81 per kg in January 2021, which increased by 4.62 per cent to ₹266.59 per kg in June 2021. It further grew by 4.13 per cent to reach ₹277.59 per kg in August 2021. The price is now likely to record a 3.71 per cent increase to reach ₹287.89 per kg in November 2021.*

*Punjab's Bhatinda reports pink bollworm infestation in cotton fields**Pink bollworm infestation has been seen in the cotton fields of Punjab's Bathinda. Gurvinder Singh, Joint Director, Agriculture Department said, "We are monitoring the situation closely with block-level officers recommending pesticides to contain worm attacks."**Singh even said that the root cause of the infestation is that some farmers used pesticides that were not recommended. "We have issued advisories to farmers. Any sort of negligence will be actionable," he said.**Singh also assured that no farmers will be bearing losses and the issue of infestation will be resolved soon.*

*Rupee depreciates against dollar, loses 17 paise*Rupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 17 paise at Rs 73.77 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 73.60 with a weakness of 18 paise against the dollar.*Sensex falls, breaks 77 points open*Today the stock market opened with a fall. Today the BSE Sensex fell by about 77.28 points and opened at the level of 58172.98 points. On the other hand, the Nifty of NSE opened with a decline of 33.50 points at the level of 17320.00 points.  

*PAKISTAN COTTON MARKET UPDATE**Cotton market crashes due to rains**The local cotton market on Wednesday crashed. Cotton analyst Naseem Usman said to Business Recorder that the reason behind crashing of market is rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was affected. Second reason is the arrival of imported Phutti and liquidity crunch.**The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 13700 per maund. The rate of cotton in Sindh is in between Rs 12900 to Rs 13500 per maund and the rate of cotton in Punjab is in between Rs 13400 to Rs 13500 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 5400 to Rs 5800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 5900 per 40 Kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1750 per maund. The rate of cotton in Balochistan is Rs 13500 to Rs 13600 per maund. The rate of Phutti in Balochistan is Rs 6300 to Rs 6800 per maund.**The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 13700 per maund. The Polyester Fiber was available at Rs 222 per Kg.*

*ICE cotton gains as approaching storm clouds crop outlook**ICE cotton futures firmed on Wednesday on concerns that a weather disturbance developing in the U.S. Gulf of Mexico could hurt harvests in key regions, with crop conditions already downgraded in a weekly federal report.**Prices will be supported by the weather conditions in the Gulf of Mexico that are “going to bring a lot of rain to the Georgia crop, and we don’t need anymore rain as crops are already suffering,” said Keith Brown, principal at cotton brokers Keith Brown and Co in Georgia.**The U.S. National Hurricane Center said on Tuesday a system, that is currently over the central and eastern Gulf of Mexico, could form a tropical or subtropical depression as it nears the northern Gulf coast on Wednesday night or Thursday.**The U.S. Department of Agriculture (USDA)’s weekly crop progress report on Tuesday showed 61% of the cotton crop was in a good-to-excellent condition in the week ending Sept. 5, down from 70% in the prior week.**The report also said 54% of Texas crop was in good-to-excellent condition last week, down from 68% in the previous week. The downgrade in the condition of Texas crops by several percentage points is another positive for prices, Brown said.**Total futures market volume rose by 4,783 to 21,638 lots. Data showed total open interest gained 36 to 273,868 contracts in the previous session.*

*Cotton and paddy crops in 3,607 acres inundated**Although rains have abated during the day in most parts of the old undivided Khammam district on Wednesday, the heavy rains that lashed Khammam and Bhadradri-Kothagudem districts in the last few days led to inundation of cotton and paddy crops in little over 3,607 acres in both the districts.**As per the preliminary estimates by the Agriculture Department, crops including paddy and cotton in around 1,887 acres were damaged in Bhadradri-Kothagudem district, affecting as many as 1,393 farmers. Farmers in Julurupadu, Burgampadu, Sujathanagar, Tekulapalli and Palvancha mandals bore the maximum brunt of the rain fury, sources said. In Khammam district, crops, mainly paddy and cotton, were inundated by rainwater in around 1,720 acres.**Heavy rains over the past three days caused significant damage to cotton and paddy crops besides chilli seedlings, mainly in Tirumalayapalem, Kusumanchi, Mudigonda and Madhira mandals. The extensive waterlogging in agricultural fields, some of which still remained under a sheet of water in various villages in Khammam and Sattupalli divisions, is likely to affect the crop yield. Chilli farmers in the chilli growing belt of the district are worried over their crop prospects in the current kharif season as heavy rains damaged chilli seedlings in several villages in Kusumanchi, Nelakondapalli, Khammam rural and Tirumalayapalem mandals.**As per the Kharif action plan, area sown under chilli is expected to increase to little over 56,000 acres in this Kharif season as against the last year’s acreage of around 55,000 acres in Khammam district.*

*All India Weather Forecast for September 9, 2021**Countrywide weather systems*The Low Pressure Area is over North Madhya Maharashtra and adjoining Gujarat region. A Cyclonic Circulation is persisting over Punjab and adjoining areas.*Weather movement across the country during the last 24 hours*During the last 24 hours, Monsoon was vigorous over Konkan & Goa, parts of Marathwada and South Gujarat. These areas received moderate to heavy rainfall at one or two places. Light to moderate rain occurred at isolated places over South Madhya Pradesh, Vidarbha, parts of Telangana, Coastal Karnataka, North Kerala, North Odisha, Gangetic West Bengal, North Coastal Andhra Pradesh and Sikkim. Light to moderate in some parts of Northeast India, parts of Bihar, Uttar Pradesh, remaining parts of Madhya Pradesh, Chhattisgarh, Interior Odisha, Andaman & Nicobar Islands, Lakshadweep, Saurashtra & Kutch, East Rajasthan, Himachal Pradesh, Uttarakhand, Haryana rained out. and Delhi. Light rain occurred over Interior Karnataka, parts of Tamil Nadu, South Kerala, Jharkhand, Jammu and Kashmir and Ladakh.*Possible weather activity during next 24 hours*During the next 24 hours, moderate to heavy rain is likely over Gujarat.Light to moderate rain with isolated heavy rain is likely over parts of Konkan and Goa, parts of Southeast Rajasthan, Gangetic West Bengal, North Odisha and Andaman and Nicobar Islands. Light to moderate rain may occur over Interior Odisha, Sub-Himalayan West Bengal, Sikkim, Northeast India, Bihar, Jharkhand, Uttar Pradesh, Punjab, Haryana, Delhi, Uttarakhand, Himachal Pradesh, Madhya Pradesh, Chhattisgarh and Coastal Karnataka. Light rain is possible over Andhra Pradesh, Telangana, Interior Karnataka, Tamil Nadu, Kerala, Lakshadweep and East Rajasthan.

The rupee declined by 18 paise to close at Rs 73.60 against the dollar this evening.Sensex fell further, closed down by 29 pointsToday the stock market closed with a fall. Today, where the Sensex closed at a level of 58250.26 points, down by about 29.22 points. On the other hand, Nifty closed at 17353.50 points down by 8.60 points.  

Government has approved Production Linked Incentive (PLI) Scheme for Textiles. With this, India is poised to regain its dominance in Global Textiles TradeLeveraging Economies of Scale, the scheme will help Indian companies to emerge as Global ChampionsHelp create additional employment of over 7.5 lakh people directly and several lakhs more for supporting activitiesScheme will also pave the way for participation of women in large numbersIncentives worth Rs. 10,683 crore will be provided to industry over five yearsIt is expected that this scheme will result in fresh investment of above Rs 19,000 crore and additional production turnover of over Rs.3 lakh crore in five yearsHigher priority for investment in Aspirational Districts & Tier 3/4 townsScheme will positively impact especially States like Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, AP, Telangana, Odisha etc.