Thrakika Ekkokistiria S.A. announced cotton market update as follows:
Crop size /Crop update /Ginning / Qualities: Estimated crop : 300,000 mt (with the tendency to be lower after the current rains) Farmers are facing yield reductions of 15-30 % from last year:
Qualities: The effect of the heavy rains is only on color grade which is still better than expected. Depending on the area we see colors of 41-4, up to 51-3 and areas with only 51. Microner results in several areas show big variations (from 4.2 up to 5.1).
Lower grades (52-43) are expected to be available after today's weather changes
Seed cotton prices : 33,7 € cents delivered gin
Ginning is in full capacity in all the areas. This will change after the heavy rains that have started today and are forecasted to last till November 6th
Ginning output 34%
Prices Price interest from Turkey's Spinners @ 1,20 cents/kg for small quantities in order to check if this quality of this cotton can be used .
The interest from merchants is at the level of 54.5-55 cents/lb for a 41 with some exceptions that need to cover nearby shipments willing to pay higher prices.
Ginners keep out of the market unless the price is attractive for them (56 cents/lb for 41,51 cg). On call businesses were not reported and it may take some time till we see them coming due to the current levels of the NYFE prices and the disappointment that the ginners have with the current production cost.
marketing@alchempro.com
