Cotton On MCX Settled Down By -0.15% At 20630



Cotton on MCX settled down by -0.15% at 20630 on reports good progress of cotton in north India. As per latest data from Agricultural Ministry, cotton is planted in 12.18 lakh hectares (l ha) as on now, higher by 29.7% compared to last year acreage of 9.40 l ha for same period. In Punjab, cotton acreage was at 3.8 lha, up nearly 52% on year, while in Haryana, area is up 27.7%% at 6.1 lha. As per ICAC, Cotton area in India is forecast to expand by 7% to 11.3 million hectares, and assuming yield is similar to the 4-year average of 528 kg/ha, production could increase by 3% to 6 mt in 2017/18.

Indian farmers had sown cotton across 1.22 mln ha, up 29.7% on year, according to the agriculture ministry's sowing data for 2017-18 (Jul-Jun) crop year. Area under the crop was up 8.4% on week. Of the total acreage as of Friday, BT cotton had been sown across 1.14 mln ha compared with 822,400 ha a year ago. Most market experts attribute the rise in cotton acreage for next season to good returns earned by farmers in 2016-17.

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