Global textile sector is facing a recession and domestic prices of the cotton are moving downward.
The prices during October 15 to November end were higher than the minimum support price, started falling from December and are now slightly lower than MSP levels.
The Indian Government has set the cotton prices according to the length of fibre in yarn, its variety and micronier, the softness of cotton.
The MSP for short staple – 24-26mm is around Rs1,650-1,700 per quintal, for medium staple it is 26-28mm is between Rs1,800 and 1900 and of long staple 28mm onwards the price varies between Rs1,900-2,020.
With this the Government agencies like Cotton Corporation of India (CCI) and Maharashtra State Cotton Federation have started purchasing more cotton. The federation, so far has procured 23 lakh quintals and CCI 20 lakh quintals within the state.
The cotton yield in Maharashtra has increased substantially because farmers have used Bt seed from Andhra Pradesh.
According to CCI, the total estimated yield of cotton crop during current season of October to September is 270 lakh bales, a growth of almost 11 percent over last year's crop of 244 lakh bales.
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