The spot rate of KCA remained firm and strong, as the settlement declared at Rs. 3450/= with no changes today. In the domestic market 1000 bales of Panu Akil sold at Rs. 3400, 2000 bales of Khanpur sold at Rs. 3600, 400 bales of Shujaabad sold at Rs. 3400, 2000 bales of Rahim yar khan sold at Rs. 3600/, 1700 bales of Mirpurkhas sold at Rs. 3400, 800 bales of Shahdad pur sold at Rs. 3400/, 400 bales of Khipro sold at Rs. 3400, 400 bales of shahpur Chakar sold at Rs. 3400/ , 400 bales Tando Adam sold at Rs. 3400,
In a bit of a surprise, especially this late in the year, USDA reduced its estimate of the 2008 US crop some 206,000 bales and its estimate now stands at 12.8 million bales. Domestic US consumption was lowered a marginal 50,000 bales and was estimated at 3.65 million.
Look for additional weakness in US consumption. Thus, with exports estimated at 12.5 million bales, the US carryover was lowered to 6.7 million bales, down 600,000 bales from last month's estimate.
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