NEW DELHI (Commodity Online): With the good cotton crop growing conditions in India, the Agricultural Ministry is likely to revise the country’s production upwards.
According to reports, the cotton production of the country is estimated to increase by 3.5% to a record 35.2 million bales during 2011-12.
Earlier, the Ministry has pegged the cotton production at 34 million bales for the FY12.
India accounts for 92% of the total cotton area and over 95% of India’s cotton production.
Meanwhile, according to US Department of Agriculture (USDA), country’s cotton acreage is likely to dip by 10% to 10.9 million hectare in 2012-13 against 12.2 million hectares in 2011-12.
Maharashtra, Madhya Pradesh, Gujarat and Orissa are the major cotton producing states in the country.
In Inter-Continental Exchange (ICE), The cotton for May delivery traded up 0.62 cents to 92.00 cents per bushel on Thursday.
And in India’s National Commodity and Derivatives Exchange (NCDEX), cotton for April Delivery traded up 2.1% to Rs 803 per qtl on 12th April at 10:45 IST.