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Cotton Corporation to buy 10 mn bales post Diwali

As cotton prices are expected to fall after Diwali, government-run Cotton Corporation of India (CCI) plans to buy as many as 100 lakh bales of the fibre from farmers during 2019-20 cotton season. Currently, arrivals were negligible and did not meet the quality parameters of the agency of 12 per cent moisture. CCI buys cotton from farmers whenever prices fall below the minimum buying price set by the government. The corporation would buy cotton at MSP if their prices fall below the support price. Currently, prices are above the MSP at Rs 5,900 per quintal in North India, where fresh crop has started arriving. The MSP of cotton for the 2019-20 season is Rs 5,550 per quintal, against Rs 5,450 in the previous year.

Though the cotton bales have started arriving in Madhya Pradesh, CCI would not be able to buy them as their moisture content levels are high. The corporation has established 358 procurement centres this year and will open more if required

 
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