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Brazilian cotton prices maintain upward trend in March
04
Apr '13
In March, cotton prices kept the upward trend in the domestic market, opposite to the international scenario. In Brazil, the industry continued to operate, in an attempt to anticipate purchases before the off-season peak in the Cerrado region. In the international market, quotes show that the demand has not absorbed these increases.

In Brazil, despite successive price rises, quotes may still increase in the mid-term. In the accumulated of 2013, prices have already upped 34.1%, while in the same period last year, the increase was only 2.3%. Players expect quotes to keep the upward trend. The industry, in general, continues interested in the high-quality cotton, but its availability was low in late March. Some purchasers wanted to close trades to deliver during the harvesting, because they needed the high-quality product and feared that competition will be fierce at the beginning of the new crop.

Cotton growers, on the other hand, remained focused on the soybean trades and were unwilling to trade cotton. When they operated, they asked above-average prices.

Besides the soybean trades, producers were focused on agricultural practices in cotton crops, which were in good conditions, in general, at the end of the month. The dry weather affected crops in northern Minas Gerais State and, in Barreiras (Bahia State), besides the dry weather, caterpillars were attacking crops.

Logistics also affected trades in late March. Players have not been able to find trucks available to transport cotton, because truckers were prioritizing soybean transports.

In March, the CEPEA/ESALQ Index for cotton type 41-4 (delivered in São Paulo City, 8-day payment) picked up 13.86%, averaging 2.1694 reais (1.0728 dollar) per pound on March 28.

Center for Advanced Studies on Applied Economics (CEPEA)

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