Cotton futures (May) will possibly witness correction towards 22200.
The reason being is that the cotton in
the international market, posted 92 to 126 point losses in most contracts on Thursday. The USDA showed just 144,778 RB in old
crop upland cotton export sales for the week of 4/25. That was a 6-week low and down 23.75% from the same week a year ago.
Back at home, it is being estimated that cotton import may rise 80% this year due to drought in major growing states. The textile
mills are importing raw cotton this year from America and African countries. Chana futures (May) is expected to crash further
towards 4270 levels on estimates of higher pulses output in the upcoming Kharif season. For pulses in 2019-20, the government
has set Kharif output target of 10.1 MT, higher than 9.01 MT production pegged in 2018-19. According to official reports, Centrehas 964,845 tons pulses seed for sowing in 2019-20 (Jul-Jun) kharif season, higher than the requirement of 821,242 tons. In news,
The Madhya Pradesh government has raised daily procurement limit of chana, masur, and mustard harvested by small and
marginal growers in 2018-19 (Jul-Jun) to 4.0 tn each per farmer. Guar seed futures (May) is expected to consolidate in the range of
4355-4410, while guar gum futures (May) may trade sideways in the range of 8700-8870 levels. The market participants are
currently taking cues from the movement of monsoon. The latest reports suggest that the onset of the South-West Monsoon is
likely to be delayed by a week this year. The long period average date of monsoon onset over Kerala is June 1.
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