CAPITALSTARS FRIDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 14 June 2019

ICE cotton futures extended its gains on Friday on extended short covering supported by adverse weather condition

  CAPITALSTARS INVESTMENT ADVISOR

Cotton prices are likely to trade on mixed note today could track progress on monsoon rainfall in central region of India which has been slower so far. Commencement of southwest monsoon in year 2019 has been delayed by 8 days and now below normal monsoon rainfall in June could affect the sowing activities adversely. However, farmers in northern region of India has shown good interest to cultivate cotton over the other commercial crop due to better realization thereby overall acreages of cotton in northern states like Punjab, Rajasthan and Haryana has increased during year 2019-20.

US cotton production during year 2019-20 was estimated at 22 million bales of 480 lb each against the consumption of 3.10 million bales wherein exports and ending stocks were projected at 17 million bales and 6.40 million bales respectively. 

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