Restricted supply does not hinder decreases

From June 30th to July 31st, 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) dropped 3.11 percent in Real, closing the period at 1.2562 real or 0.8053 dollar a pound.

Some growers, wholesalers and traders have accepted to trade at lower prices. Lots of growers, however, remain firm about the values. The harvesting of the 2007/08 crop keeps moving on, but the supply available is still low.

According to the Brazilian Commodity Exchange (BBM), until July 31st, 1.052 million tons of the cotton from 2007/08 crop were already traded, which represents 68 percent of the total projected by the Conab (1.556 million tons). Of the total registered by the BBM, 370 thousand tons were directed to the domestic market and 681 thousand tons, to the international one. (Cepea - Brazil)

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