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Daily worldwide cotton market report

28
Apr '09
Last night in New York futures market , July 09 closed at 53.07 with a gain of 37 points, the October 09 closed at 55.47 with a gain of 46 points, while the December 09 closed at 56.50 with a gain of 12 points. The A index declared settled at 58.80 with an increase of 30 points today.

The spot rate of KCA remained firm and strong, settlement declared at Rs. 3550/= with no changes today. In the domestic market 400 bales traded between a trader and mill in Karachi at Rs. 3600/= , 520 bales of Sultan Abad sold at Rs. 3400/= , 200 bales of Haroon Abad sold at Rs. 3500/= , 400 bales of Faqir Wali sold at Rs. 3500/= , 400 bales of Gaggo sold at Rs. 3560/= , 1450 bales of Multan changed hands at Rs. 3450/= , 400 bales of Kasso wal sold at Rs. 3450/= , 5400 bales of Bahawal Pur 3600/= , 2000 bales of Ahmed Pur sold at Rs. 3600/= , another 1300 bales of Bahawal Pur changed hands at Rs. 3600/= , 2000 bales of Burewala sold at Rs. 3600/= .

The C.F.T.C. reported that as of April 21, funds were 6.8% long vs. 5.2% long in futures only a week earlier. Total fund longs increased to 29,857 calls and shorts liquidated to leave 21,588 open.

The USDA reported that as of April 21 U.S. cotton under loan was 1,122,979 bales down 94,477 for the week. There were 460,771 bales under Form A and 863,809 bales under Form G.

According to a USDA report, “The USDA attaché anticipates Brazil's cotton area will be cut by 12% in 2009/10 due to credit restrictions and falling domestic demand, leading to production of 5 million bales. Exports in 2009/10 are expected to decrease to 2 million bales and imports to return to a more normal level of 100,000 bales.

The USDA Foreign Agricultural Services attaché report released Thursday, calls for 2008/09 production of 5.7 million bales, with exports at a record 2.6 million bales. In 2007/08, the record production season, imports were a mere 25,000 bales. Since Brazil's cotton is harvested mainly in June and July, the cotton that is harvested in one marketing year is consumed and traded in the following marketing year.”

Cotlook reported that, “CCA reports improved planting outlook. Rising prices are stimulating enthusiasm for planting to cotton, according to the China Cotton Association (CCA). The potential decrease in the area sown is estimated to be 10 percent, from 88.89 million mu last year, to around 80 million mu (1 hectare=15 mu) in 2009, according to the CCA's latest monthly report. Last month, the predicted downturn was 13.9 percent. On the consumption side, the report suggests that, though the export tax rebate rate has been raised to 16 percent and figures indicate that textiles and clothing exports recovered in March, the world economic situation has not fundamentally.”

Another article from Cotlook said that, “The National Bureau of Statistics (NBS) reports that cotton cloth output in March totaled 2.625 billion meters, which was 24 percent higher than a month earlier and six percent more than a year earlier. Total cloth output last month was 4.623 billion meters, up two percent from March 2008. The cumulative total for the first quarter was, however, 2.5 percent lower than a year earlier, at 11.399 billion meters. The Keqiao Textile Index (a broad measure of textile prices, supervised by the Ministry of Commerce) rose from 90.76 to 91.05 this week, the fourth consecutive week in which the Index has increased.”


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