Cotton futures (May) see a consolidation in the range of 20700-21150 levels
ICE Cotton futures were 10 to
41 points lower in most front months on Wednesday, with thinly traded Oct up 23 points. USDA will release their weekly Export
Sales report on Thursday morning, with data for the week ending May 9, a period following the US tweet about raising tariffs but
while talks were continuing. The Chinese yuan is the weakest vs. the dollar since January, making imports of US cotton more
expensive. 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 4500-4560 levels. Guar seed
futures (June) is expected to trade with a downside bias in the range of 4480-4440 while guar gum futures (June) may see
weakness till 8890, if breaks 8960 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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