CAPITALSTARS FRIDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 17 May 2019

Cotton futures (May) see a consolidation in the range of 20990-21250 levels.

  CAPITALSTARS INVESTMENT ADVISOR

The upside of ICE Cotton futures is remaining capped near 67 cents per pound owing to weak export sales data. US net cotton sales were at 226,900 RB for the week ended May 9 in the marketing year 2018/2019, down 4 percent from the previous week, but up 8 percent from the prior 4- week average. US net cotton sales were at 235,800 RB for the week ended May 2. US net cotton sales for the week ended May 2, were up 48.01 percent compared to the same week in a year ago. US net cotton sales were at 153,300 RB for the week ended May 10, i.e. (May 4-10) in the marketing year 2017/2018. On the other hand, in a major development, the US Department of Agriculture revised India's 2018-19 cotton output forecast to 25.5 mln bales of 480 pounds each that equals around 32.7 mln bales of 170 kg each. In April, USDA had forecast India's output at 27.0 mln bales of 480 pounds or 34.62 mln 170-kg bales. USDA has also made an in-tandem cut in year-ending stock to 7.13 mln bales of 480 pounds each equalling to 9.1 mln bales of 170 kg from 8.53 mln bales of 480 pounds each or around 11 mln bales. After a long time gap, buoyancy has come back to chana futures, thanks to the strong buying by the government agencies and tight supply. The June contract is expected to trade on a steady note in the range of 4580-4680 levels. Guar seed futures (June) is expected to trade with a downside bias & test 4410 while guar gum futures (June) may see weakness till 8825, if breaks 8890 levels. The state's agriculture department of Rajasthan has estimated 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.

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