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Cepea, February 19, 2024 – Cotton prices oscillated in Brazil in mid-February, but are at the level of BRL 4 per pound. In the international market, on the other hand, values were increasing, scenario that boosts the gap between quotations in Brazil and abroad and that results in a few rises in the domestic market. Comparing January 31 and February 15, the CEPEA/ESALQ Index for cotton rose 2.18%, closing at BRL 4.0745/pound on Feb. 15.
Cepea calculations show that the export parities FAS (Free Alongside Ship) upped 4.1% from January 31 to February 9, to BRL 4.1782/pound (USD 0.8427/pound) at the port of Santos (SP) and BRL 4.1888/pound (USD 0.8449/pound) at the port of Paranaguá (PR) on Feb. 9. The Cotlook A Index rose 3.88% in the same period, to USD 0.9685/pound on Feb. 9. Dollar quotes increased 0.22% against Real between January 31 and February 9, closing at BRL 4.958 on Feb. 5.
CONAB – The report released on February 8 indicated that the 2023/24 cotton area may total 1.877 million hectares, 12.8% more than in 2022/23 and an increase of 8.22% compared to data released in January/24. The productivity, in turn, is expected to drop 8.2% in relation to the previous crop, at 1,752 kg per hectare, being stable against the January report. Thus, production in Brazil is likely to increase 6.10% in the monthly comparison and 3.6% in relation to the 2022/23 season, at 3.288 million tons, which can be the highest in history.
ICAC – Data released om February 1st by Icac (International Cotton Advisory Committee) estimate 2023/24 global cotton production at 24.481 million tons, downing 0.32% in relation to data from January/24 and a decrease of 1.46% compared to the previous season. Consumption, in turn, may total 23.762 million tons, stable in relation to the previous report, but slightly higher (+0.36%) than the 2022/23 crop. Therefore, consumption may be 2.94% smaller than the supply.
(Cepea-Brazil)
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Fonte: Cepea