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MCX Dec cotton closed lower on technical selling on Wednesday but trend is higher on reports of production cut by the cotton body and USDA. Cotton Association of India (CAI) cuts 2018-19 production estimate by 3 lakh bales to 340.25 lakh bales. In its monthly report, USDA cut India's cotton production estimates for 2018-19 (Oct-Sep) by 1.79% or 6.41 lakh bales (1 bale = 170 kg) to 352.18 lakh bales on month. In November, it forecast at 358.6 lakh bales. However, market sources sees Cotton output in India could drop 12 % to 32.5 million bales in the 2018/19 marketing year; the lowest in 9 years due to limited rainfall may cut crop yields. As per trade sources, since October deals for the over 25 lakh bales (1 bale = 170 kg) of cotton have been signed, and around 15 lakh bales have already been shipped.
ICE Mar cotton Mar closed little lower on Wednesday on concerns of global demand and raising production forecast for US. USDA report showed increased US production, up 180,000 bales to 18.559 million bales. TX production was up 300,000 bales to 7.032 million. That helped to raise projected carryout 100,000 bales to 4.4 million bales. World ending stocks were up 580,000 bales to 73.19 million bales. Larger Chinese and Brazil carryout helped to push it higher. The USDA weekly Export Sales report showed all upland cotton 18/19 sales at 94,866 RB for the week of 11/29, down 46.34% from last week and 49.16% from last year. Upland export shipments were down 35.75% from a year ago, but up 25.69% from last week at 158,554 RB.
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