Market reacts positively to USDA reports of higher acreage
10 Jul '08
1 min read
The USDA report about planted cotton area in the upcoming season turned out to be higher than expected. Along with prevailing favourable weather conditions these reports induced falling quotations at the New York futures market.
The market in Europe reacted with stronger demand, in particular for Upland cotton limited on delivery resp. shipping terms in the third quarter 2008, partly still before the forthcoming works holidays. Here, the prices had hardly given in due to limited availability.
In the Upland range contracts were registered in Central Asian sorts, Greek descriptions and in West African types for prompt and further in the 3rd quarter 2008.
Turnovers in the LS/ELS range were registered as follows: Sudan Barakat for prompt and further in the 3rd quarter 2008, and Israel Pima for the 1st to 3rd quarter 2009.
marketing@alchempro.com
