In the new season of rupees in the country, 116 lakh bales of goods were sold in the market in four months

Bhoo Bazar - Dilip Shah

- Many farmers held goods in the hope of higher prices: In the south, stocks of wool were seen on terraces.

Cotton market and industry in the country have seen a rapid reversal of trends. In the current rupee season of 2022-23, hopes for a new crop were initially high after rupee prices rose to record highs in the country's markets last year due to short supply and rising demand, but these hopes have recently faded. According to sources in the Cotton Association of India, the estimate for the new crop of rupees has recently been reduced by around nine to ten lakh bales. The new rupee season in the country has started from October 2022. In the previous season of 2021-22, the production of rupee was around 307 to 308 lakh bales and at the beginning of the new season of 2022-23, the new crop of rupee was estimated at around 330 to 331 lakh bales. However, this estimate has now been reduced to 321 to 322 lakh bales.

When the new season started in the country, in the beginning of October, the previous season's cash stock of rupees was recorded at around 31 to 32 lakh bales. Now with the new crop estimated at 321 to 322 lakh bales and the possibility of import being 11 to 12 lakh bales, the total available supply of rupees in the country in the new season of rupees 2022-23 is estimated to be around 365 to 366 lakh bales. Meanwhile, mill consumption of wool in the new season of 2022-23 in the country is estimated to be around 280 lakh bales against which in the previous season of 2021-22 such mill consumption was around 293 lakh bales. The consumption of small mills has come down from 19 lakh to 15 lakh bales. According to the informants, the export of rupee which was 43 lakh bales in 2021-22 will decrease to 30 lakh bales in the current new season of 2022-23. 35 to 36 lakh bales are likely to remain.

Meanwhile, in the first four months of the current new season from October to January, the total new rupee receipts in the country's markets have come to 115 to 116 lakh bales. In these four months, the domestic import of rupees from overseas has increased to around 5 to 6 lakh bales. The total import bill of rupees imported in the country between April 2022 and January 2023 has increased by almost 200 percent to 1.30 to 1.35 billion dollars. In a period of ten months, the import of rupees has crossed the level of 1 billion dollars. The global production of rupee is estimated to be less than three lakh bales at 11.54 to 11.55 million bales. Apart from India, the consumption of rupees in Indonesia and Vietnam is likely to decrease this year, according to the US Department of Agriculture. India's rupee import increased to 17 to 18 lakh bales in 2022 from July to December. In this period of 2021, approximately 4 to 5 lakh bales were recorded. In India last year, rupee import duty was also relaxed from April to September. Meanwhile, there have been various discussions in the market sources about the various rupee producing units in the country recently having lower than expected rupee revenues. According to some sections, there is also a possibility that the farmers are holding on to the produce and bringing less quantity to the market this year due to the record high prices last year. In view of this, some section of the market has been seen to calculate that the new crop of rupees will come even more this year than the market estimates. There are rumors in the market that the farmers of Maharashtra are holding stock of rupees. Recently there were indications from the cotton producing areas of Telangana and Karnataka that farmers in these areas are stocking wool on agashi (terrace). However, small and medium farmers have been bringing Rs.