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Numerous new sales mostly by few ginners
16
Jan '08
In the beginning of the week there was some activity both in old and current crop. Following the NY futures high levels, ginners took the opportunity to either fix some of their on call contracts (basis March) or proceed to new sales at profitable prices.

Buyers in these new sales were generally merchants and smaller quantities for 'direct' sales to Turkish mills. As usual Turkish spinners are still not very aggressive with Greek and consume their own cotton. It is estimated that they will enter our market by March, due to shortage of their crop. In addition, few old crop stocks were sold at levels of 152 c/kgs FOT.

Crop wise, there are still too many stocks of seed cotton in the warehouses of growers. Especially in Thessaly area farmers insist on holding their cotton and wait for the market to go higher in order to deliver. In all other areas most of the growers have delivered their cotton, fixed their prices and got paid. Referring quantities available we calculate as follows:

Production & Beg. Stocks..........320,000 tons
Domestic consumption..............70,000 tons
Committed for exports...............50,000 tons
-----------------------------------------------------
Available quantity for new sales 200,000 tons

Price wise, ginners have been asking the 'even' July 08 levels, which doesn't seem workable for merchants when July is at 72-73 c/lb. Following yesterday's correction in NY and the new USDA report, ginners would like to re evaluate things before proceeding to new sales.

Thrakika Ekkokistiria S.A

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