MCX Cotton Edged Down For The Fourth

MCX Cotton edged down for the fourth consecutive trading session yesterday on technical selling by the market participants due to good progress in cotton sowing in the country. USDA in its latest monthly report increase the production forecast by 1.28 million bales (1 bale = 170 kg). As per latest data from Agricultural Ministry, cotton is planted in 71.8 lakh hectares (l ha) till last week, higher by 5.8% compared to last year acreage of 68 lakh ha for same period.

However, there is fear of decline in yield due to deficient rainfall in major growing areas but higher acreage may keep the production at higher levels.

ICE cotton futures hit their lowest in over two weeks on Thursday after federal data showed that 2016/2017 U.S. exports dropped sharply to a marketing-year low. U.S. exporters sold 13,000 running bales of upland cotton in the week ended July 6, touching a marketing-year low for 2016/2017. That was down 93 percent from the previous week and from the prior four-week average. The world 2017/18 production estimate was raised by 636,000 bales to 115.4 million bales.

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