Cotton On MCX Settled Down By -0.72% At 20560

Cotton on MCX settled down by -0.72% at 20560 due to reports of higher supplies from major growing regions. Though, expectation of lower exports also weighed on cotton. Weekly export sales data from the U.S. Department of Agriculture (USDA) showed net upland sales totaled 152,400 running bales for the previous week, up 32 percent from the week before. Cotton acreage is likely to rise by as much as 10-15% in the ensuing cotton year commencing September as farmers did not get expected prices from pulses, particularly tur, said a senior official at Cotton Corporation of India (CCI). India's 2016-17 cotton acreage declined to 10.27 million hectare from 11.64 million hectare, according to agriculture ministry data.

Last year, government announced hefty hike in minimum support price (MSP) and also announced bonus and as a result many farmers across the country switched over to pulses from cotton. "This year the situation is different. Farmers are disillusioned on growing more pulses as they did not get the expected prices though government made arrangements of buying," the official said.

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