Cotton On MCX Settled Down By -0.35% At 20210

Cotton on MCX settled down by -0.35% at 20210 on good sowing progress from major growing regions this season. US Department of Agriculture (USDA) maintains India's cotton output forecast for 2016-17 at 26.5 million bales (480 lb bales) for June month while continues consumption estimates, USDA said in its World Agricultural Supply and Demand Estimates (WASDE) report. USDA maintained India's domestic cotton consumption at 23.75 million bales from the previous estimates.

USDA India's ending stockpile projection unchanged to 11.9 million bales estimated previously in May month. USDA maintained Indian 2016-17 cotton export estimates at 4.20 million bales compared to previous month. Meanwhile, global cotton production forecast for 2016-17 rose marginally to 105.9 million bales compared to previous month's estimates of 105.8 million bales, USDA said.

The International Cotton Advisory Committee reduced its expectation for the drop in cotton prices next season, forecasting a drop of nearly 1m tonnes in global stocks despite raising its hopes for production. The revision came even as the group upgraded by 430,000 tonnes, to 24.0m tonnes, its forecast for world cotton production in 2017-18, which starts in August, reflecting a 100,000-tonne lift to 1.5m tonnes in the Brazilian output estimate, and increased expectations for the US too.

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