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International trends affect Brazilian cotton prices
Sep '17
Taking cue from international market trend of falling cotton prices, the Brazilian market too showed downtrend in the first fortnight of September 2017. The CEPEA/ESALQ cotton Index increased at the beginning of the month due to the firm position of sellers in the domestic market. However, the Index dropped in the later part of the fortnight.
Between August 31 and September 15, the CEPEA/ESALQ Index dropped 2 per cent, and closed at 2.4120 BRL ($0.7743) per pound on September 15.
The drop in international prices was linked to the reduction of the negative expectations regarding the American crop (due to the hurricanes forecast for that country), according to Center for Advanced Studies on Applied Economics (Cepea) researchers.
In addition, a report released by the United States department of agriculture (USDA) on September 12 revised up estimates for production and inventories for the US. This brought down quotes at the New York Stock Exchange and in Brazil.
Meanwhile, the volume of cotton exported by Brazil expanded three-and-a-half-fold in August 2017 (over July 2017) to 68,000 tons, according to Secex. However, cumulative exports till August this year were 43.8 per cent year-on-year lower at 238,400 tons.
In August, cotton imports declined by a sharp 92.4 percent to 70.2 tons as against the previous month’s imports of 920.5 tons. Imports from January till August totaled 32,900 tons compared to 21,800 tons in the same period of 2016, registering a growth of 51 per cent.
For the 2016-17 season, cotton production in Brazil is estimated at 1.53 million tons, around 18.6 per cent higher than in the previous crop, according to the 10th crop survey released by National Company for Food Supply (Conab) earlier this month. The estimated rise in production is based on favourable weather in the main cotton producing regions of the country. Despite 1.7 per cent reduction in area under cotton, the average productivity is estimated at 1,629 kilo per hectare, 20.6 per cent up compared to the 2016-17 crop. (RKS)

Fibre2Fashion News Desk – India

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