NCDEX cotton oilcake down as IMD ups monsoon view.

Futures contracts of cottonseed oilcake on NCDEX fell from the intraday high of 1,664 rupees per 100 kg after the India Metrological Department raised the south-west monsoon forecast for 2017. IMD today revised its southwest monsoon forecast for 2017 to 98% of long period average from 96% predicted earlier. June cottonseed oilcake contract traded at 1,632 rupees, down 0.6%, while the most-active July contract was down 0.5% at 1,704 rupees. Cheaper alternatives for cattle feed has hit demand for cottonseed oilcake, and this further weighed on sentiment.