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KARACHI: The local market remained stable on Tuesday. Market Sources told that trading volume remained thin.

Market Sources told that the rate of cotton is in between Rs 13000 to Rs 13500 per maund.

The rate of new crop of Phutti was in between Rs 6000 to Rs 6300 per 40 kg. The rate of Banola is in between Rs 2300 to Rs 2500 per maund.

Cotton Analyst Naseem Usman told that 100 bales of new cotton of Burewala were sold at Rs 14000 per maund and 200 bales of Tandoo Adam were sold at RS 13300 per maund.

Special Assistant to Prime Minister (SAPM) on food Security Jamshed Iqbal Cheema Sunday said the next year would be the year of the agricultural economy aimed to bring green revolution in the country. In a statement issued here, he said that about 90 percent cotton sowing target has been achieved in Punjab and 80 percent in Sindh.

He said the cotton situation is better and the production will be much higher than last year.

Jamshed Iqbal said based on sowing so far this year, it is expected to produce about 9 million bales of cotton. He said the government was working on it, while every effort will be made to make the cotton crop a success. Cheema said the highest production of sugarcane, maize and wheat in the history of the country had been achieved.

Sugarcane crop is the second largest crop in the history of the country. About Rs 1100 billion transferred in the agricultural economy which led to a historic increase in farmer’s income.

Efforts were being made to ensure investment of billions of rupees in the livestock sector also, he added. Meanwhile, the sowing of cotton has registered a significant increase this year in South Punjab as compared to last year due to the incentives of Punjab government, said an official of Punjab Agriculture Department.

Talking to media he said it was heartening to note that the farmers were taking keen interest in sowing cotton this year as compared to last year. “Reports of cotton crop sowing were pouring in from the Southern Punjab, right from the first week of April which were according to the expectation of the government, the official said.

He said crop of cotton was mostly being sown in Bahawalpur, Multan, Lodhran, Bahawalnagar and Rahim Yar Khan Khanewal, Layyah, Sahiwal districts. Mahar Mahboob, a farmer from Layyah, said that he has preferred to sow cotton in fields this year rather than other crops adding that present government was taking initiatives for the farmers.

Replying to a question, he said that cotton was a cash crop as the government was giving different initiatives to the farmers. He said that farmers were taking more interest in sowing the cotton as compared to last years in the southern Punjab.

It is also pertinent to mention here that the Federal Committee on Agriculture has fixed white lint production target for the country at 10.5 million bales from an area of 2.33m hectares for the 2021-2022 season, almost double over the previous year.

Punjab is to sow the crop on 1.6m hectares of land to produce 6.07m bales. The agriculture department has issued a schedule for sowing of registered cotton varieties and advised the growers to complete sowing of registered Bt cotton varieties between April 1 and May 31.

The Bt cotton varieties recommended by the department include IUB-13, MNH-886, BS-15, Niab-878, and FH-142. Growers have been asked to consult local experts if they plan to sow other registered Bt cotton varieties keeping in view the environment of their district to get better production. Government has planned a scheme of incentives to encourage farmers to grow more cotton to increase the exports and save precious foreign exchange for national kitty.

In this regard, the authorities concerned have been working on war footings to encourage the farmers to cultivate cotton and revive its production in the country as the national economy cannot be improved without a revolution in cotton and its allied industry. An official at the Ministry of National Food, Security and Research while highlighting a brief detail of some incentives said minimum support price will be announced to encourage farming community and to bring maximum land under cotton production.

Special efforts are also being made to achieve higher cotton production and prevent diseases and pests, he told media. “All the stakeholders in the field of cotton and research have to come together on one page and only with joint efforts of stakeholders, the cotton sector can be revolutionized,” he replied when asked about the current scenario of crop production in the country.

The government also plans to provide 100 percent certified, pest resistant and climate tolerant high yielding seed varieties to farmers during the coming season. In this regard, the Federal Seed Certification and Registration Department has completed testing of 30,000 tons cotton seeds of different varieties.

ICE cotton futures gained on Monday, hovering below a near four-week peak hit in the previous session, supported by an easing dollar and disadvantageous weather conditions in the major growing regions.

Cotton contracts for December rose 0.12 cent, or 0.1%, to 86 cents per lb by 12:27 pm EDT (1627 GMT). On Friday, the contract rose to its highest since May 10 at 86.85 cents.

“We continue to have adverse weather in many parts of the cotton belts. It’s still hot and dry in South Georgia, parts of the Carolinas are in a drought situation, West Texas is probably overly wet,” said Keith Brown, principal at cotton brokers Keith Brown in Georgia.

With poor conditions in Brazil and India, the United States will likely be the main residual supplier, although the market is going to have to come to grips with limited supply and trade higher, Brown added. The dollar fell 0.2%, making cotton cheaper for buyers holding other currencies.

Investors now eye a weekly crop progress report by the US Department of Agriculture later in the day and a monthly federal supply and demand report this week.

On the consumption side, “chances of demand being stronger in the United States is better than elsewhere, (although) the catalyst for a move will still have to come from weather,” Judy Ganes, a US-based soft commodities analyst said.

Speculators raised net long positions in cotton futures by 2,148 contracts to 44,242 in week to June 1, data from the US Commodity Futures Trading Commission showed on Friday.

Certificated cotton stocks deliverable as of June 4 totalled 160,287 480-lb bales, up from 146,886 in the previous session.

Total futures market volume fell by 26,174 to 20,245 lots. Data showed total open interest gained 387 to 231,641 contracts in the previous session

Cotton Cooperation of India has increased its by Rs 500 to Rs 600 per candy. The Spot Rate remained unchanged at Rs 12300 per maund. The rate of Polyester Fiber was increased by Rs 2 per kg and was available at Rs 202 per kg.

Copyright Business Recorder, 2021