MCX Cotton Fell More Than 1.2% On Tuesday



MCX cotton fell more than 1.2% on Tuesday on anticipation of good production in the next season as sowing progress in the country starts in a brisk manner. As per latest data from Agricultural Ministry, cotton is planted in 14.1 lakh hectares (l ha) till last week, higher by 43% compared to last year acreage of 9.87 l ha for same period. In Haryana, acreage was at 630,000 ha, up 28% on year, while in Punjab, the area under cotton was up 52% at 382,000 ha, the data showed. As per ICAC, Cotton area in India is forecast to expand by 7% to 11.3 million hectares, and production could increase by 3% to 6 mt in 2017/18.

ICE futures dropped to their lowest since end-January on Tuesday on expectations of a robust harvest. Moreover, lower U.S. export outlook for the new crop, weighed on the prices. Net upland sales for the 2016-17 crop last week was totaled 82,700 running bales, down 26% from the previous week. US sowing data showed 92% of cotton crops were planted in the US by the week ended June 12, up from 80% in the previous week. USDA June report draw a bearish trend (from 14 million to 13.5 million bales) for the US cotton exports while ending stocks at 9 year high at 5.5 million bales. Speculators reduced a bullish stance in cotton futures and options to the lowest since November 2016.

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