May Cotton Closed Flat On Thursday

MCX May Cotton closed flat on Thursday after it surged in the previous session on steady physical demand and good stock positions with the mills. USDA forecasts India cotton production for 2018/19 at 28.5 million 480-pound bales (6.21 mt), unchanged from last year. Harvested area is forecast at 11.8 million hectares, down 4 % from last year. In its latest press release, CAI, retained its estimate for the country's output in 2017-18 (Oct-Sep) at 360 lakh bales (1 bale = 170 kg). Cotton prices are still trading at higher levels for the season tracking firm trend in International markets, higher exports and expectation of lower acreage in the country in next season. Cotton exports from the country are still behind at 34.1 lakh bales of cotton during Oct-Feb period compared to 36.4 lakh bales last year same period.

ICE cotton edged higher on Thursday to one-week highs on higher demand and concerns of extreme weather conditions in major cotton growing regions in the United States and China. The export sales were pretty strong. The USDA reported 153,270 RB in old crop sales for the week ended May 10, close to trade estimates but down 20.61% from last week and 26.97% larger than the same week a year ago. Consultant Informa estimates US 2018 all cotton plantings at 14 million acres, above the current USDA number of 13.47 million acres.

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