It was the third trigger of the recession indicator in less than two weeks.Bondsread more
Stocks fell as fears of an economic recession built up ahead of a key speech from Federal Reserve Chairman Jerome Powell.US Marketsread more
Former Prudent Bear Fund manager David Tice is urging investors to brace for a massive downturn.Trading Nationread more
German Chancellor Angela Merkel said a solution to the Irish "backstop" is possible before the October 31 Brexit deadline.Europe Economyread more
Apple plans to unveil three new iPhones in September, including two new "Pro" models and a successor to the iPhone XR, Bloomberg reported Thursday.Technologyread more
A ruling against J&J could mean more big payouts in similar cases across the country.Health and Scienceread more
While Volkswagen may not want to invest in Tesla, the U.S. carmaker has been scouting locations in Europe for a new Gigafactory there.Autosread more
Corporate profits posted modest growth in the second quarter as companies brace for slowing global growth.Retailread more
(Adds details from report)
NEW YORK, July 31 (Reuters) - Indian cotton production for the 2019-20 season is seen at 29 million 480 lb bales, the U.S. Department of Agriculture (USDA) attache in New Delhi said in a report on Wednesday, down 1% from earlier estimates.
The production decline is the result of reduced plantings in central Maharashtra, where farmers are shifting towards soybeans as well as in Karnataka, where farmers are switching to pulses and corn, the attache said.
While overall plantings are expected to fall, they are happening at an accelerated rate this season in part because of the delayed monsoon, the report said. As of July 19, cotton planted area was 5% higher than the five-year average, with plantings especially accelerated in the states of Rajasthan and Odisha.
At 29 million bales, the anticipated 2019-20 output is down only slightly from the 29.3 million bales forecasted earlier this year, but still about 9% larger than the 2018-19 crop.
"While the prospects of a larger crop should result in greater export outflows, Indian cotton prices are currently uncompetitive in the global market compared to other suppliers," the attache said.
Indian cotton prices are up on improving quality, the attache said, and the higher prices help ensure that domestic mills will continue to rely on at least some imported cotton.
(Reporting by Ayenat Mersie Editing by Marguerita Choy)