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Cepea, April 17, 2024 – Estimates released this month confirm the increase of the cotton area in Brazil, which may result in record production.
Conab indicated this month that Brazil is expected to harvest 3.6 million tons in the 2023/24 season, 1.12% up compared to that estimated in March and 13.4% above the 2022/23 crop. Productivity may drop 2.5% against the season before, at 1,860 kilos per hectare, but the 16.3% area increase, at 1.94 million hectares, can guarantee the record harvest.
Conab reported that the consumption may total 710 thousand tons, 2.7% down compared to that projected in March/24, but moving up 4.4% in relation to the 2022/23 season. 2023/24 exports are likely to hit 2.715 million tons, increasing 9.5% in the monthly comparison and 67.8% against the crop before.
DOMESTIC MARKET – Cotton prices have been oscillating in Brazil. When values move up, it is because sellers are firm; on the other hand, quotations move down due to the pressure from purchasers. The gap of prices and/or the quality of the product between buyers and sellers continues to be observed, limiting trades in the spot market.
The CEPEA/ESALQ Index decreased 1.83% from March 28 to April 15, closing at BRL 4.0145/pound on April 15.
EXPORTS – Data from Secex indicate that, from August/23 to March/24 (partial of the 2022/23 season), cotton shipments already surpassed 30% of the amount exported from August/22 to July/23.
(Cepea-Brazil)
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Fonte: Cepea