Cotton futures (Feb) is likely to trade sideways in the range of 20400-2700 levels.
Cotton prices ruled mostly steady in Central and South India as market participants
remained cautious awaiting any sign of progress on trade talks between
Washington and Beijing. U.S. President Donald Trump said on Thursday he will
meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade
deal as Trump and his top trade negotiator both cited substantial progress in two
days of high-level talks. Meanwhile, export sales of upland cotton were reported at
a MY high 373,100 RB for the week of 12/20, with 207,113 RB in exports. A total of
25,031 RB was sold to China, with shipments of 32,455 RB. USDA will finally get
caught back up with the
Export Sales reports by 22nd February. Guar seed futures
(Feb) will probably face resistance near 4400 levels, while guar gum futures (Feb)
may remain below 8740 levels. It is reported that there are 60% probability of El
Niño conditions to form and continue through the
Northern Hemisphere spring
2019. By the time Southwest Monsoon 2019 arrives, El Niño probability would be
less than 50% and ENSO neutral conditions would also increase. El Niño has the
power corrupt the Monsoon and is invariably related to below normal Monsoon
rains. Chana futures (Mar) is expected to remain below 4230 levels with upside
getting capped. The overall sentiments are weak as arrivals of new crop are likely
to improve and increased availability of the government stock and the rise in selling
pressure of chana by the NAFED, especially in the states of Madhya Pradesh
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