MCX cotton closes with gain on Tuesday mainly on short covering however prices are still under pressure due to expectation of higher crop and lower exports prospects next season. As per farm ministry report, acreage under cotton in the country up 6% at 123.5 lakh ha so far, up from 116.9 lakh ha from a year ago. As on 23th Aug, area in Gujarat under cotton is lagging last year at 26.3 lakh ha compared to 26.9 lakh ha last year.
USDA kept production forecast unchanged for India this month to 29 million bales while the consumption and Exports projections were down by 2% and 4.55% respectively for 2019/20 season. Trade data by Ministry of Commerce indicates that provisional shipments in the month of June 2019 are 88% lower at 60,000 (Vs 5 lakh bales) as compared to last year.
ICE cotton edged up on Tuesday on declining U.S. crop ratings. The USDA's weekly crop progress report on Monday rated 43% of U.S. cotton as good-to-excellent condition, down 6 percentage points from a week ago. Monday’s crop ratings data by state showed TX conditions losing 9 points, GA was down 4 points, with LA and MS both 5 points higher.
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