Anticipated trades reduce devaluation

Even with harvest activities of the cotton from the 2006/07 crop, the supply has been keeping restrict in the domestic market. Growers remain focused on accomplishing anticipated contracts, which has limited decreases in Brazil. Some who are in need of cash agree to trade at more flexible prices.

Between June 29th and July 16th, the CEPEA/ESALQ Index dropped 1 percent in Real and upped 3 percent in dollar, closing at 1.1465 real or 0.6164 dollar per pound on Monday, Jul 16th. In general terms, the Brazilian cotton market kept moving at a good pace during last days.

Regarding exports, trades moved at a slow pace, with buyers' retreat. For the cotton from the 2007/08 crop, contracts were settled at 0.6546 dollar a pound and for the 2008/09 crop, at 0.67 dollar a pound.

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