First in decade, cotton rates sustain 30% above MSP

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Opening on a higher side, prices of raw continued to soar probably first time in last one decade with regions Agriculture-notes-for-state-psc-exams”>Agriculture produce Marketing committee (APMC) recording over Rs 8,500 per quintal.

Amid the windfall, rumours of raw cotton fetching Rs 9,500/quintal at Achalpur open market went viral in several Social Media groups on Saturday. A purported bill issued by a ginner too was attached to the social media post.

Yet the mood

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among farmers and other APMC members is upbeat. The rawcotton ratesnormally come down after the opening day, but this year high demand has ensured growers get nearly 30 to 40% more than the minimum support price of Rs6,025 per quintal.

On November 2, the crop committee of Cotton Association of India (CAI) would be meeting to assess the shortfall in production.