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Better Sentiment

 early maturing Baramati crop will start moving into the market shortly. Marketwise, there is very little to report this week. The turnover remains extremely restricted and the general tendency has been distinct- ly subdued because of the very favourable weather conditions all over the country. Sentiment has also been affected by the release of a quota letter for 2.25 lakh bales of US cotton out of the 4 lakh bales, for which purchase authorisation had been announced by Washington on July L Out of these 2.25 lakh bales, as much as 1.25 lakh bales will be of stapling one inch and below and one lakh bales of one inch. The bulk of this cotton is likely to be supplied from the stocks of the Commodity Credit Corporation. As this cotton is expected to arrive in India in October-November it will go a long way to meet the industry's requirements of short staple cotton during the lean period of indigenous supplies.

Drifting Lower

 curb and larger consumption of cottonseed oil and imported soyabean oil and sunflower oil this season. Besides, larger imports of mutton tallow have also affected the demand for groundnut oil by the soap industry. With a further large quantity of soyabean oil reaching the country in October-November, it is hardly surprising that the prospect of a good groundnut crop because of the ideal weather conditions so far should have imparted a distinctly bearish tendency to the market.
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