LAHORE: The local cotton market on Monday remained steady and the trading volume remained low. The Spot rate remained unchanged.
Cotton Analyst Nasseem Usman while talking to Business Recorder said that price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6500 to Rs 8900. Cotton of Sindh was traded from Rs 15500 to Rs 20,000 per maund, Punjab’s cotton was traded from Rs 16500 to Rs 20,000 per maund.
Principally approving the formation of the Pakistan Cotton Authority (PCA), Prime Minister Imran Khan called for effective legislation to protect farmers’ rights. PCA’s formation was principally approved to “ensure the provision of quality seed, monitoring and enhancing the yield.
According to Prime Minister Office, PM Khan presided over a meeting on the agriculture sector and discussed enhancing the cotton yield. He said the government was providing a subsidy on modern agricultural equipment, quality seed and fertiliser. “The benefits of subsidy must be extended to the farmers through the Kissan Card scheme,” the prime minister was quoted as saying.
On the other hand chairman, Pakistan Cotton Ginners Forum Ahsan ul Haq showed concern on the imposition of seventeen percent sales tax on cotton seed.
Germany’s Bayer has applied to cultivate its next generation of genetically modified (GM) cotton seeds in India, government sources said, reviving plans to bring the high-yielding, herbicide-tolerant variety to the country.
Bayer, which bought Monsanto in 2018 for $63 billion, has resubmitted the application for Bollgard II RRF, signalling reviving interest from foreign seed, agricultural chemicals and farm technology companies in India, the world’s leading producer of cotton, rice, wheat and an array of other farm goods.
Bayer resubmitted the application seeking cultivation of the Bollgard II RRF variety in December, said the sources, who asked not to be identified in line with official rules.
“Bayer, through its local joint venture partner, has resubmitted the dossier for seeking regulatory approvals to introduce RRF in India,” said one of the government sources familiar with the matter. “Once the regulatory approval process starts, it might take a few years for Bayer to get the final approval.”
Brazilian cotton growers are expecting a very positive scenario for the 2021/22 crop with prices on the rise as planting is about to end, local companies told Reuters, leaving behind the drops in area and output seen a year ago due to a sowing delay.
Grain producer SLC Agricola SA said its cotton planted area grew 38% from the previous season to 177,800 hectares (439,353 acres), while Bom Futuro praised timely rains in top producing state of Mato Grosso for what it sees as a “spectacular” scenario for both cotton and second corn.
Agricultural conglomerate Amaggi has also increased its cotton area this season to 150,000 hectares, Production Director Pedro Valente said, a 30,000-hectare jump that is already expected to happen again next year.
That comes as Brazil, the world’s second-largest cotton exporter, faces rising prices since the disappointing 2020/21 crop, which has pushed growers to bet on cotton this season.—Reuters
The Spot Rate remained unchanged at Rs 20, 200 per maund. Fiber was available at Rs 263 per kg.
Copyright Business Recorder, 2022
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