Lower liquidity presses domestic quotations down

At the end of January, Brazilian cotton prices interrupted the upward trend verified since the beginning of the month. A great part of buyers was less willing to purchase, once they were enough supplied. Sellers, in turn, kept firm.

From January 23rd to January 30th, the CEPEA/ESALQ Index for the type 41-4 (delivered in Sao Paulo city, payment in 8 days - the most common commercialization in Brazilian market) downed 2.11 percent in Real, closing at 1.1728 real or 0.5077 dollar per pound on Friday, Jan 30th. In the month, however, the Index increased 3.8 percent in Real.

Concerning the global cotton crop, USDA forecasted the production at 23.9 million tons, down 8.88 percent from 2007/08 season. The consumption should decrease 6.07 percent, to 25.091 million tons. As a result, ending stocks should reduce 4.67 percent. Imports are expected to total 6.768 million tons (18.28 percent inferior). (Cepea - Brazil)

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