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Cotton prices in Brazil experience fluctuations in late Feb

06 Mar '24
1 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • In late February, Brazilian cotton prices fluctuated between BRL 4.20 and 4.3 (~$0.85-0.87) per pound.
  • CEPEA reported a 9.46 per cent increase in the cotton index to BRL 4.3645 (~$0.88) per pound by month-end.
  • Growers hesitated to sell due to positive season progress, while industry players pursued varied contracts.
  • Cotton exports surged 239 per cent YoY.
In late February, cotton prices in Brazil experienced fluctuations, ranging between BRL 4.20 and 4.3 (~$0.85-0.87) per pound. The CEPEA/ESALQ Index for cotton saw a notable increase of 9.46 per cent between January 31 and February 29, reaching BRL 4.3645 (~$0.88) per pound by the end of February, according to a report from the Center for Advanced Studies on Applied Economics (CEPEA).

With the backdrop of global price levels, sellers in Brazil remained steadfast in their pricing strategies. Cotton growers, buoyed by the promising progress of the 2023-24 season, expressed reluctance to sell, citing a lack of immediate need. Conversely, players in the industry actively pursued both short-term and term contracts. Companies with urgent requirements were inclined to offer higher prices, particularly for superior-quality cotton, CEPEA said in its latest fortnightly report on the Brazilian cotton market.

Data from Secretariat of Foreign Trade at the Ministry of Economy (SECEX/ME) revealed a significant surge in Brazilian cotton exports during February. Over a span of 10 working days, exports totalled 146.3 thousand tons, marking an impressive 239 per cent increase compared to February 2023.

ALCHEMPro News Desk (KD)
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