Cotton on MCX settled down by -0.3% at 20110 on profit booking after prices gained tracking heavy rains in cotton growing regions of Saurashtra in Gujarat. However, good progress in cotton sowing in the country still bearish for cotton. As per latest data from Agricultural Ministry, cotton is planted in 90.1 lakh hectares (l ha) till last week, higher 23% compared to last year acreage of 74 lakh ha for same period. USDA in its latest monthly report increase the production forecast by 1.28 million bales.

Trading Ideas:

* Cotton trading range for the day is 19917-20457.

* Cotton prices dropped on profit booking after prices gained tracking heavy rains in cotton growing regions of Saurashtra in Gujarat.

* As per latest data from Agricultural Ministry, cotton is planted in 90.1 lakh hectares (l ha) till last week, higher 23% compared to last year acreage of 74 lakh ha.

* US Department of Agriculture's Foreign Agricultural Services has raised its forecast for India's cotton production in 2017-18 (Aug-Jul) to 37.2 mln bales.

* Cotton prices in spot market dropped by 40.00 rupees and settled at 20240.00 rupees.

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