Indian Cotton Sowing Completed But Still Deficient In Rainfall

Time: 2017-10-20
Summary: India's cotton cultivation has been basically completed but the rainfall of northwest, central and southern areas still less than the normal value.

    According to the latest forecast by the US Agricultural Counselor, India's cotton production in
 2017/18 is expected to reach 30 million bales (480 pounds per bales), an increase of 1 million
 over the previous month's forecast. 2017/18 annual total supply of cotton in India is about 43.34
 million bales, total consumption is 28.7 million bales, ending stocks is 14.64 million bales,
 inventory consumption ratio is 51.02%, the highest level for nearly nine years.

    As of September 7, India's cotton cultivation has been basically completed, planting area
 reached 12.098 million hectares, an increase of 19%. As of September 12, India's cumulative
 rainfall is still a 6% shortfall, and the eastern and northeastern regions continue to rain, the
 rainfall of northwest, central and southern areas still have 8%, 10% and 3% less than the normal
 value.

    Last week, India's MCX futures contract on October 17 trading was weak, the price fell to Rs
 18300 /bale, expected will continue in the 18300-18350 rupee range shocks in the short term, or
 have the possibility of test 18888-19015 rupees.



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