The fear of escalating trade war will continue to keep the upside capped of cotton futures on the domestic bourse
Sluggish business activities are being observed in the spot markets as both buyers and sellers are cautious trading.
Hence, the May contract is expected to witness a correction towards 21130 levels. On the international market, ICE Cotton futures
closed down at 67.32 cents per pound. The crop progress report was released yesterday afternoon showing that 44% of the cotton
crop had been planted which is right at the 5 year average as there are no concerns at this time. Guar seed futures (June) is likely
to witness selling pressure & remain below 4440, while guar gum futures (June) is expected to witness correction towards 8745-
8700, if breaks 8780 levels. The sentiments have turned bearish after the estimates by the Rajasthan State Agriculture department
show that guar production to increase by 45.5% in the coming 2019-20 (Jul-Jun) season from an output of 1.03 mln tn estimated in
the current year due to sharp rise in yields. Yield in the coming season is seen at 500 kg per ha, compared to 334 kg this year.
Wheat futures (June) will probably maintain its uptrend taking support near 1985 levels. Demand for spot wheat is seen firm in
coming days as prices of the grain sold under the government's open market sale scheme has been higher than the spot. Maize
futures on the national bourse is making a new life time high every week & going ahead this bullish trend is expected to stay intact.
The June contract would probably take support near 1930-1920 & remain stable supported by robust purchases by feed makers
while adding that uncertainty over imports of the grain.
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