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Brazilian Cotton Index CEPEA/ESALQ dips marginally in June
20
Jun '14
Brazilian cotton prices are downing in June. From May 30 to June 13, the CEPEA/ESALQ Index for cotton type 41-4 decreased 1% and closed at 1.9101 real (0.8565 dollar) per pound on June 13. 
 
Most growers is unwilling to trade. Nevertheless, with the current price decreases, Brazilian values are closer to the export parity – in early June, the difference between Brazilian and international values was only 9%, the lowest in a year.
 
Besides, Brazilian prices, in dollar, is lower than the Cotllok A since March 2014 and below than the first contract in the New York Board of Trade (ICE Futures) since May 2014. This scenario is taking grower's attention, because it should attract importers.
 
In general, Brazilian agents are waiting the harvesting activities in Cerrado region to start to trade. For the time being, sellers are more willing to trade than purchasers – some cotton producers wants to sell off their stock.
 
Between June 2 and 6, the index for Cotlook A increased 1.06% in relation to the previous week (May 27-30). In the same period, the dollar average upped 1.57%. The export parity calculated by Cepea FAS (Free Alongside Ship) Paranaguá port averaged 1.7674 real per pound, upping 2.75% compared to the previous. 
 
Regarding global supply and demand, data from Icac (International Cotton Advisory Committee) indicates that world trades should decrease 8% in the 2014/15 season, due to the low China’s purchases. Consumption might increase 3% in the 2014/15 crop (to 24.2 million tons). Global stock should increase 5%, going to 20.9 million tons. 

CEPEA

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