Cotton outlook

摘要

Upland offers have continued to fluctuate narrowly. New York is modestly firmer on the week, but trade selling against loan redemptions has limited the market's upside potential. Speculators liquidated their net short position last week, and by March2 were marginally 'long'... Chinese spot values have remained firm, with the exception of those for long staples... Interior prices in India have strengthened. The Cotton Advisory Board will meet on March 9. The Cotlook/ EICA trade seminar will take place next week in Mumbai... USDA's March supply and demand figures will be released as this issue goes to press. Atthe Department's Outlook Forum in Washington, analysts predicted stable world production next season, and falling stocks. A recovery in US export volume is also foreseen. The Secretary of Agriculture outlined to the meeting the Administration's recommendations for the next Farm Bill... A major international merchant has tabled a bid to take over an Australia-based cotton company. Brazil's official production forecast of a record crop is maintained. Private observers are equally optimistic... Estimates of the area sown in Paraguay have been revised downward, as irregularities in the distribution of planting seed have come to light... Argentinahad picked roughly 10 percent of the prospective crop by the end of February... Rainfall in Australia has arrived too late to benefit the crop. Picking is under way in some areas... In the United States, favourable weather across the cotton belt has allowed field preparation to make good progress... Sowing continues under good weather in Mexico... More details have emerged of China's subsidy for premium planting seed... The pace of Indian seed cotton arrivals has continued to decline... Deliveries in Pakistan are drawing to a close. Far Eastern mills have made moderate purchases in a range of US and 'outside' growths... Bangladesh has been a moderate buyer of Central Asian growths and West African... US cotton has continued to move off in Turkey. During the week ended March, 1 US upland export sales registrations rose by 180,000 running bales. Government loan stocks were reduced during the week ended February 27... In January, China imported less cotton from the US than from India and Uzbekistan. Cotton yarn values remain on the defensive in many parts of the world... Pakistan's spinners report an upturn in demand for coarser counts of cotton yarn from China... Yarn selling rates in India have risen sharply, in sympathy with local raw cotton replacement costs... A Chinese industry official predicts slower growth in textile capacity this year, and a shift towards production of higher quality goods.