From the perspective of the growth progress of new cotton, according to the latest survey data from the Brazilian National Commodity Supply Company (CONAB), as of mid May, about 61.6% of cotton plants were in the fruiting stage, 37.9% of cotton plants were in the boll opening stage, and sporadic new cotton had already been harvested.
In terms of market operation, due to the overall decline in Brazilian cotton prices compared to the previous period, traders’ purchasing enthusiasm has increased, and market transactions have slightly improved. From the perspective of price operation, since May, Brazil’s spot prices have remained fluctuating between the 75 to 80 US dollar range, with a drop to nearly two annual lows of 74.86 US cents per pound on the 9th and a slight increase to 79.07 US cents per pound on the 17th, an increase of 0.29% compared to the previous day and still at a low level in nearly two years.
Post time: May-25-2023