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The GUJCOT Trade Association reported on the third quarterly rate movement for 2022-23, providing various rates, including daily physical spot rates, MCX cotton daily closing rates, and USD-INR exchange rates. During the quarter, NY July futures remained between 77-87 cents, while December futures stayed within 77-84 cents. The market attempted to break out of these ranges but was unable to sustain the momentum. The WASDE report was positive, but macroeconomic factors, such as the Federal Reserve's interest rate increase, and slow textile demand depressed the market. US planted acres are estimated at 11.087 million acres, 19% below the current season, but with higher crop yields. The current US export sales commitment stands at approximately 14 million bales, with 10.8 million bales already shipped. In India, physical cotton rates remained stable in April but declined sharply in May, reaching a new seasonal low of 56,200 Rs per candy. The prices recovered slightly in June due to factors like a cyclone and improved buying, but the recovery was not sustained due to weak demand. The Gujcot Shankar-6 rate reached a new bottom near 55,300-55,500 Rs per candy by the end of June. Sowing is in progress across India, with Gujarat and northern regions experiencing ample rainfall, while Maharashtra and South India have received lower rainfall, resulting in delayed sowing. The total sowing area in India stands at around 40 lakh hectares, lower than the corresponding time last year. The Indian Rupee had a major trading range of 81-83 during the quarter. The Indian basis was relatively high in April but dropped below 600 by mid-May to June, attracting market participants. The Indian futures market on MCX experienced a continuous downtrend with low trading volumes and limited open interest. The Gujarat spot rate changes for June 2023 showed a decline in prices for various cotton varieties, with the Shankar 6 rate decreasing by 3.64% month-over-month and 41.32% year-over-year.