Cotton Futures On MCX Closed Lower On Tuesday

Cotton futures on MCX closed lower on Tuesday weighing down on reports of good progress of cotton in north India. As per latest data from Agricultural Ministry, cotton is planted in 11.24 lakh hectares (l ha) as on 26th May, higher by 27% compared to last year acreage of 8.84 l ha for same period. In Punjab, cotton acreage was at 344,000 ha, up nearly 44% on year, while in Haryana, the area is up 16.6% at 583,000 ha.

The CAI has retained its April estimate of the cotton crop for the 2016-17 crop year at 340.50 lakh bales of 170 kgs. USDA forecasts India cotton production for 2017/18 at 6.01 mt, up nearly 6% while area is forecast at 11.5 mhac, up 10% from last year.

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