|Day's range||75.70 - 77.86|
Indian institutions are "deeply engaged" in the development Of genetically modified seeds for 13 crops, including rice, wheat and sugarcane to improve their yield and quality, the government said on Friday. The environment ministry in October granted clearance for indigenously developed GM mustard seeds, potentially paving the way for a commercial release of the country's first food crop in about two years. Cotton is the only GM crop currently allowed for cultivation in India.
India said on Thursday it was important for it to adopt farming technologies like genetically modified (GM) crops to ensure food security and cut a reliance on imports, as it tries to boost the output of edible oils for its huge population. The environment ministry in October granted environmental clearance for indigenously developed GM mustard seeds, potentially paving the way for a commercial release of the country's first food crop in about two years. Cotton is the only GM crop now allowed for cultivation in India.
Cotton contracts for December fell 1.5 cent, or 1.7%, to 86.18 cents per lb at 1310 ET (1810 GMT) having shed as much as 4% at 84.19 cents a lb after USDA's monthly World Agricultural and Supply Demand Estimates (WASDE) report. "All in all, this report is trying to show the current reality of the market, both on the supply and the demand side, with the latter being the one that could come back at any point, unlike production," said Valentin Olah, cotton risk management consultant at StoneX Group. The USDA report saw U.S. ending stocks 200,000 bales higher at 3 million bales, which Olah said was surprising and "softens a bit the tightness of ending stocks, for now."