Cotton On MCX Settled Down By -0.29% At 20700



Cotton on MCX settled down by -0.29% at 20700 as cotton area is expected to rise at least 10-15% to over 11.5 hectares in 2017-18 crop season against 10.5 hectares last year. Government is considering Rs 160 per quintal to Rs 4,320 in cotton Minimum Support Price (MSP) for 2017-18 kharif season beginning July. Farmers have been encouraged on expectation of higher prices and improved yields last year. Cotton acreages are anticipated to increase this year as monsoon is predicted to be normal.

In the central part, states such as Gujarat, Maharashtra and Madhya Pradesh will begin sowing with onset of monsoon while in Northen Indian states of Punjab, Haryana and Rajasthan planting has already begun on expectation of higher acreages. United States Department of Agriculture (USDA) has estimated India's cotton output at 35.8 million bales or 6.01 million tons in 2017-18, up by 5.7% compared to last year productions

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