Between October 31 and November 30, however, the Index remained stable (+0.06%), closing at 2.9529 BRL per pound on November 30, the Center for Advanced Studies on Applied Economics (CEPEA) said in its latest report on the Brazilian cotton market.
“In general, bidding prices were lower than asking prices last month. However, the purchasers with urgent needs had to bid higher prices in order to close new deals, while others remained retracted, working with the product stocked and/or from contracts previously closed. In that scenario, only small volumes for prompt-delivery were marketed,” the CEPEA report said.
Until November 26, 60.4 per cent of the 2017-18 Brazilian crop, estimated at 2.005 million tons, may have been traded, according to data from the BBM (Brazilian Commodity Exchange) tabulated by CEPEA. Of the total cotton traded, 55.4 per cent were allocated to the domestic market, 32.1 per cent to the international market, and 12.6 percent to flex contracts (exports with an option to the domestic market).
For next season, data indicate that at least 21.3 per cent of the 2018-19 output (estimated by the National Supply Company Conab at 2.247 million tons) had been traded in that period, with 51.6 per cent allocated to the domestic market, 21.5 per cent to exports, and 26.9 per cent to flex contracts. (RKS)
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