CAPITALSTARS THURSDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 13 June 2019

ICE cotton futures bounced back on Wednesday on account of short covering supported by adverse weather condition

  CAPITALSTARS INVESTMENT ADVISOR

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. Cotton production is US during year 2019-20 is estimated to be higher by 20% y/y wherein export is likely to increase by 15% y/y. Most active Dec delivery cotton futures traded at ICE closed the session at 65.91 cent/lb up by 1.24% from the previous close.  Meanwhile, USDA released its crop progress report showed cotton planting in US has lagged behind to the previous year’s acreages.

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