Better demand supports Index

Between Sept 28th and Oct 31st, the CEPEA/ESALQ Index for the cotton type 41-4 (delivered in Sao Paulo city) kept almost unchanged, closing at 1.1905 real or 0.6842 dollar per pound on Wednesday, Oct 31st. During the month, prices oscillated basically according to the supply and demand. At the end of the period, buyers were more willing to trade, supporting the values. Growers, in turn, remained firm about the prices.

Players also turned their attentions to the USDA report, published on Oct 12th. The global production for the 2007/08 cotton crop was forecasted at 26.18 million tons, volume superior to that of September, but still 1.52 percent lower than that of the 2006/07 crop. Regarding the consumption, the USDA forecasts it at 28.2 million tons, 5.02 percent higher from the 2006/07 crop. The final global inventories should total 11.98 million tons, reduction of 8.82 percent over the previous crop.

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