Market Movement from 07th Mar 2022 to 12th Mar 2022.
• This week started with weak sentiment. WASDE was neutral with lower adjustment in Indian opening stock. US Export sales was decent but market ignored it. On Friday after declaration of Chinese import quota of 4 lakh tons speculators came back and NY future pulled over 400 points in a day. Ultimately NY May closed with 461 points weekly gain. July December inversion is near 1200 points.
• US Export sales was decent with 354,000 bales sale for current year and 68,000 bales sale for new year. Export shipment was near 35,000 bales slightly lower to meet US export target.
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