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Brazilian Index for cotton 41-4 flat from last fortnight
24
Nov '14
The CEPEA/ESALQ Index for cotton type 41-4 closed at 1.6582 BRL or 0.6392 dollar per pound on November 14, stable compared to October 31, says the latest CEPEA fortnightly report.

The report also reveals that cotton quotes in the Brazilian market have stayed around 1.65 BRL per pound since late October.

Industries that need to rebuild stocks are generating demand, but require quality and are trying to extend due dates.

“However, the gap between asking and bidding prices and the quality of batches available have been limiting trades,” the report informs.

Cotton producer’s attention is split between the accomplishment of contracts closed previously and planting activities of the new crop.

The delay of rains in major producing areas, such as in Mato Grosso, is threatening schedule of soybean and cotton planting.

“In this scenario, some cotton producers continue to remain firm regarding prices, expecting to obtain higher quotes in the off-season period,” the report explains.

Cotton dealers are complaining about difficulties in obtaining values, due dates and quality of batches between sellers and purchasers.

While, trading companies are focused on the dollar valuation against the real and the decline of futures values at ICE Futures, and so are acting carefully.

According to CEPEA, Brazilian cotton production in the 2014/15 season might be smaller than in the season before.

Conab released a report on November 11, indicating a reduction between 3.3 and 11.3 per cent and expects the crop might total between 1.54 and 1.67 million tons.

It expects the planted area to range between 962,000 and 1.049 million hectares, representing a fall again of between 6.5 and 14.2 per cent.

However at the same time, Conab has forecast, yield to increase 3.4 per cent at 1,598 kilograms per hectare.

Conab says that these figures come in a backdrop of cotton prices dipping in the 2013/14 season, hard pressed by an unfavourable international scenario.

Cotton players are expecting a good volume in the 2014/15 harvest, increase in world stocks and further price drops in the international market.

Between November 10 and 14, the Cotlook A Index slipped 1.98 per cent compared to its previous week ending November 7.

In the same period, the dollar average rose 1.8 per cent and export parity calculated by Cepea FAS Paranaguá port averaged 1.4854 BRL per pound, down 0.23 per cent from the previous fortnight. (AR)

Fibre2fashion News Desk - India

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