Agri Commodities Preview: Global Cotton Futures Tumble On Buoyant Harvest Hopes In India And US

capital market | Mumbai | September 14, 2017 10:01 IST

Agri Commodities Preview: Global Cotton Futures Tumble On Buoyant Harvest Hopes In India And US

Global Cotton futures fell by the exchange limit as global production is estimated to hit a five-year high. December Cotton futures slipped from a four month high of 76 cents mark and drifted below 70 cents levels after the USDAs WASDE lifted by at 1.43m bales, to 92.54m bales, the forecast for world cotton inventories at the close of 2017-18 - representing a stockbuild of 3.0m bales year on year. The upgrades reflected improved expectations for world production - based in part on improved hopes for India, where the harvest forecast was lifted by 1.0m bales to 30.0m bales. The USDA said that Indias main cotton regions, north, central, and south, have all reported increases in planted area relative to last year. USDA also expected a sharp surge in US cotton harvest. The crop was seen at 21.76m-bales - highest in 12 years, and 1.21m bales larger than previously expected.

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