Indian Cotton updates:

Indian Cotton futures moved slightly lower on Friday but traded in a range amid raw Cotton prices touching MSP levels. Ideas of Govt.
intervention at MSP levels are supportive forces. Rupee closed weaker.
Indian Cotton supplies have fallen 19% so far in the current season that began on October 1, said B. K. Mishra, managing director of the
state-run Cotton Corporation of India. In the spot markets so far, farmers have brought in around 3.9 million bales of 170 kg each, down
from 4.8 million bales during the same period a year earlier.
The MSP for Cotton has been set at Rs. 3,750 and Rs. 4,050 per quintal for the medium and long staple varieties respectively.
Cotton Corporation of India (CCI) is planning to procure around 7.5-10 million bales (170 kg) of Cotton in the crop year 2014/15.
According to Cotton Advisory Board, Indias Cotton output in 2014-15 will be 40.0 million bales vs. 39.8 million bales in previous year.
Cotton exports are likely to be lower at 9 million bales in 2014-15 season, compared to previous seasons exports of 11.8 million bales.
Industry estimates for Cotton exports in 2014-15 are near 6.5 million bales, much below CAB estimates.
According to Cotton Association of India (CAI), India produced 40.72 million bales of Cotton crop in 2013-14 and is likely to produce 40.55
million bales of Cotton output in 2014-15.
According to 1st Advance estimates released by GoI, Indias 2014-15 Cotton output is expected to be at 34.62 million bales vs. 36.59
million bales in the previous year.

International Cotton updates:

ICE Cotton December prices fell on Friday. Farther months closed flat.
According to US attach, Cotton are in Brazil may be lower at 1.0 million hectares vs. 1.12 million hectares in the previous year, due to
lower prices. Output is likely to reduce from 7.8 million bales to 6.9 million bales.
USDA export data was supportive for Cotton prices. Data showed that exporters had booked nearly 306,000 bales of upland cotton in the
week ended Nov. 20.
According to International Cotton Advisory Committee, lower Cotton prices will lead to lower sowing by farmers.
According to ICAC, global inventories will swell to 21.6 million MT by the end of the 2014/15 crop year, higher than its previous estimate of
21.47 million MT. Global Cotton trade in 2014-15 will fall to 7.86 million MT vs. previous estimate of 8.03 million MT, due to lower demand
from China.
China imported 81,900 MT of Cotton in October, down 42% on the same month last year, and the lowest level since January 2009, data
showed.
China's cotton imports for the first 10 months of this year are down by 38% to 2.08 million MT, the China Cotton Association said, citing
customs data.
As of 23 November, 77% of US Cotton crop was harvested vs. 69% a week ago vs. 5 week average of 83%.
ICE Cotton stocks rose to 31,351 bales.
According to CFTC data, for the week ending 17 November, non-commercial traders decreased their net long positions in ICE Cotton.