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Firm prices encourage anticipated trades
19
Mar '11
Brazilian producers are focused on field works of the 2010/11 season and on anticipated trades in the first fortnight of March. Among sellers who still have cotton in stock, the prevailing course of action is to sell it out in the upcoming weeks in order to clear the way for the new season.

Quotes in Brazil remain firm, despite the very slow pace of trades in the second week of March (off-season and carnaval holiday). Between Feb. 28 to March 15, the Center for Advanced Studies on Applied Economics CEPEA/ESALQ Index for cotton type 41-4 (delivered in São Paulo city, payment in 8 days) increased 0.8%, to close at 4.0178 Real or 2.4101 dollars per pound on March 15.

Industries, in need of the product for the short-term, were purchasing small volumes only to keep the production going.

On March 10, Conab (National Company for Food Supply) released information about the 2010/11 season. The cultivated area in Brazil is estimated to amount 1.3 million hectares, 51.6% higher than that verified in the 2009/10 crop. Agents expect that weather conditions may favor yield. Brazilian production might reach 1.95 million tons.

According to data from Secex (Foreign Trade Secretariat), Brazilian cotton shipments amounted 13 thousand tons in February 2011, 32.5% lower than that verified in January/11 and the smallest quantity for February since 2004. The revenue in February was 26.3% lower than in January, totaling 25.3 million dollars.

CEPEA - Center for Advanced Studies on Applied Economics

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