Cotton on MCX settled up by 1.53% at 20560 due to reduces arrivals of the crop from Tamil Nadu region. As per reports, there is a reduction of 50,000 bales in the crop estimate for Tamil Nadu compared to the previous month’s estimate. Indian cotton production for the 2019-20 season is seen at 29 million 480 lb bales, the U.S. Department of Agriculture (USDA) said in a report down 1% from earlier estimates. The production decline is the result of reduced plantings in central Maharashtra, where farmers are shifting towards soybeans as well as in Karnataka, where farmers are switching to pulses and corn, the attache said. While overall plantings are expected to fall, they are happening at an accelerated rate this season in part because of the delayed monsoon, the report said. As of July 19, cotton planted area was 5% higher than the five-year average, with plantings especially accelerated in the states of Rajasthan and Odisha.
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