Short positions rise as cotton oilcake at 32-month low.

The cottonseed oilcake contract, which hit a 32-month low on NCDEX has witnessed heavy addition of short positions. Total short positions in the contract as on 8 August are 79,740 tn, while long positions totalled 50,580 tn, indicating dominance of bears in the market. Likely rise in India’s cotton output in 2017-18 (Oct-Sep) improved availability of competing cattle feed such as fresh fodder due to good rains in most of the country, and this could have prompted traders to take a bearish view on cottonseed oilcake.