The government may further revise cotton production target downward and set it at 13 million bales for the current season (2014-15) against the initial target of 15.1 million bales, following early termination of the crop, it is learnt. Official sources revealed to Business Recorder that second meeting of the Cotton Crop Assessment Committee (CCAC) for the cotton crop season 2014-15 will be held in the last week of the ongoing month. The government had earlier fixed cotton production target for the season (2014-15) at 15.1 million bales from an area of 7.72 million acres - 2.77 million bales higher than the revised estimates for the comparable period of last season. However in the first meeting of the CCAC, the government revised downward the cotton production target to 13.5 million bales after missing the sowing target and floods in the country. Sources maintained that cotton which was also called indeterminate crop might last for more than one year if it receives fertiliser and water. However cotton growers are not getting good prices, as currently the commodity is being sold at Rs 5,100-5,200 per maund, which is the lowest price in the last five years. The government is intervening in the market to stabilise cotton prices and Trading Corporation of Pakistan (TCP) has already signed contracts for procurement of 0.3 million bales. However downward trend is being observed on the international cotton market and further decline in prices is expected. Sources further said the government fixed attractive price for wheat ie Rs 1300 and growers prefer to grow wheat. Therefore growers are going for early cotton termination crop and resultantly the country would miss the revised production target. For Punjab, cotton area was set at 5.99 million acres during the current season, while cotton was sown at 5.8 million acres depicting 3.13 percent less than the target while it was 6.97 percent more than that of last year sown area (5.1 million acres). The current year floods damaged standing cotton at around 86,000 acres and by reducing flood affected area from the sown area, the actual cotton area stands at 5.4 million acres. The province was expected to produce around 9.53 million bales however now it is expected to be round about 9 million bales. Cotton sowing for Sindh was targeted at 1.6 million acres while it is sown on 1.47 million acres depicting a shortfall of 8.46 percent, but it is 4.75 percent more than the sown area during last year (1.4 million acres). The province is now likely to produce about 3.3 million bales against the revised target of 3.6 million bales. Government had set the cotton production target at 14.6 million bales for last season, but later revised it downward to 12.33 million bales following water shortages during sowing period, and later floods and rain. About one million cotton bales were destroyed during the last season; however the country achieved the revised cotton production target of 12.33 million bales.
Posted on: Sun, 16 Nov 2014 06:43:24 +0000