Gujcot Weekly Report
Posted : December 02, 2020
Market Movement from 09th Nov 2020 to 14th Nov 2020
- Monday afternoon USDA issued its crop progress report and Tuesday USDA update its supply-demand estimates and also in these added Pfizer Inc said that its experimental Covid-19 vaccine was more than 90% effective. So, this week market started with uptrend move on Monday but could not hold the gain during the week.
- NY Dec future contract gained 138 points on Monday and after that continuously lost. At the end of the week NY Dec future lost 16 points W/W.
- Tuesday USDA published its WASDE report. Considering adverse weather in Texas, the Delta and the Southeast, most of the Traders were expecting USDA to reduce the US crop size, but surprisingly USDA increased the 2020 US crop in its monthly supply/demand update for November. However, USDA upped the production in Kansas by 400,000 bales, and that made the difference. Additionally, domestic carry remained unchanged at 7.20 million, but world carry increased from 101.13 million bales to 101.44 million bales on increase in Chinese production.
- U. S. Export sales was decent but China bought only 40,000 bales. Shipment was excellent.
- Indian physical market remained steady despite volatility in foreign futures.
- CCI is not able to sale much quantity due to plenty of availability in local market.
- Gujcot spot rate remained between 40,100 to 40,550 during this week.
- Daily India arrival remained between 1,70,000 to 1,80,000 bales a day.
- Daily arrival in Gujarat was remained between 35,000 to 40,000 bales a day.
- Indian rupee remained stable between 74.16 to 74.65 against USD.