May Cotton Edged Higher



MCX May Cotton edged higher 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 largely unchanged on Tuesday after touching their lowest in three weeks, as good crop progress numbers were offset by dry weather concerns in Texas, the major cotton producing region in the US. The weekly USDA Crop Progress report showed Taxas at 28% planted, 5% above normal, with Georgia 10% faster than average at 41% complete. 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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