CAPITALSTARS MONDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 17 June 2019

ICE cotton fell 1% on Monday due to a firmer dollar and weak U.S. export sales data.

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As per farm ministry report, Acreage under cotton was 15.32 lakh ha so far, lower than 17 lakh ha from a year ago. Recently, CAI has projected cotton exports at 46 lakh bales compared to 69 lakh bales last year due to higher prices and smaller crop size. With the lower exports and higher imports the closing stock as on September 30, 2019 may increase from 13 lakh bales as estimated by the CCI’s Cotton Crop Committee.

The U.S. Department of Agriculture (USDA) reported on Friday that net cotton sales were down 59%, while exports were up 17% for the 2018/19 marketing year. Spec funds in Cotton futures and options added 2,436 contracts to their net short position as of Tuesday, at 30,241 contracts.

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