Lower production and anticipated sells hold up prices

This is an atypical season's opening for the Brazilian cotton market. The limited supply available for immediate delivery has been holding up prices although harvesting/ processing keeps moving on. That is because the current production (2005/06) is 18 percent lower from the last one, according to the National Company for Food Supply. Besides, most part of the production was already traded previously, and the remaining volume from the 2004/05 crop season is quite low at this time. The Cepea/Esalq Index averaged 0.57 dollar per pound in May, up 1.58 percent in the month, but down 3.8 percent from April.

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