CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 21 May 2019

The fear of escalating trade war will continue to keep the upside capped of cotton futures on the domestic bourse.

  CAPITALSTARS INVESTMENT ADVISOR

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 consolidation in the range of 21250-21490 levels. On the international market, ICE Cotton futures saw 119 to 192 point gains in most contracts to start a new week. Rain in parts of northern Texas and other parts of the Cotton Belt may slow cotton planting this week. The Crop Progress report indicated that 44% of the US cotton crop was seeded as of Sunday, 1% behind the average pace and 6% behind a year ago. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week. Guar seed futures (June) is likely to witness selling pressure & plunge towards 4350-4335, while guar gum futures (June) is expected to witness correction towards 8745-8700 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 1920 & remain stable supported by robust purchases by feed makers while adding that uncertainty over imports of the grain.

Click here to visit my website : https://bit.ly/1h8KZUM

Free Trial link : https://bit.ly/2u2GUhK

Any queries CALL US : 9977499927

CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY  -

Visit our website : http://www.capitalstars.com/free-trial

CAPITALSTARS CALL US : 9977499927

Equity Tips , Intraday Stock Tips , FreeTrading Tips  , Sebi Registered advisory Company , Capitalstars Video Gallery,Free Trading tips , equity Tips , sebi registered advisory company , Mcx Tips  .