KURNOOL: Cotton prices crossed Rs 11,000 for the first time in history of the almost eight-decade-old Adoni Agriculture Market Yard on Thursday.Bringing cheer to farmers, cotton sold for Rs 11,219 a quintal in Adoni, the lone cotton market in the State. Cotton had been selling below Rs 7,000 in the previous years. The previous high was Rs 6,500.
The price of cotton has been on the upswing since the beginning of the current season, posting the highest December price of Rs 9,600, before shooting past the Rs 10,000 mark in January. B Sreekanth Reddy, the deputy director of the market, attributed the hike in cotton price to depleting stock in international markets due to rains, cultivation of cotton in lesser area and inferior quality of the produce in other markets.
Kurnool’s cotton seed and lint have been of better quality, attracting traders and exporters to the market here. The official said the Adoni market had traded 4,000 quintals of cotton on an average daily during the three months from November last. Of late, the average daily arrival of the produce has dipped below 800 quintals due to decreased production.
“Cotton arrives from different parts of the southern States, and at least 300 traders have been dealing with the produce,” he said, adding that.the market yard has 10 average bids per stock, the highest average bid in the entire country. According to official records, cotton was cultivated in 7 lakh acres across the district this year.
The harvesting of the six-month crop began in December. Heavy rains during the beginning of the planting season destroyed the crop, followed by scant rainfall which also affected the farmers. At least 40 ginning mills have been functioning around the market established in 1943. The millers export the procured cotton after grading, separating the seed and lint, Sreekanth Reddy said.