Cotton futures (May) see a recovery till 21200-21300, taking support near 20520 levels. ICE Cotton futures settled with 46 to 131 point gains in most contracts on Turnaround Tuesday
. Crop Progress data on Monday showed Texas
planting progress at 19% on Sunday, 4% behind the average. 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 rally further towards
4580-4600, taking support near 4490 levels. Guar seed futures (June) is expected to trade with a positive bias in the range of
4460-4520 while guar gum futures (June) may consolidate in the range of 8970-9100 levels. It is being estimated that rainfall
figures as on date show that pre-monsoon showers (March to June) this year could end up the lowest of the last five years, with
ramifications for reservoir levels in many parts of the country. It remains to be seen to what extent this will improve over the next
fortnight, before the monsoon season officially begins.
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