Cotton outlook

摘要

International offering rates have fluctuated largely in sympathy with the movement in New York futures, which, following dips, have risen to their highest level for several weeks... During the week ended June 8, speculators in New York adopted their largest net long position since August 2006... Domestic prices in China have continued to strengthen, portending a broader interest in imported cottons ... The development of new farm legislation is gathering pace in the United States. Lobbying has meanwhile continued for changes to be made to the marketing loan system next season... The USDA has made modest upward adjustments to its forecasts of world ending stocks for both this season and next. Although sowing remains behind the pace set last year in the United States, early crop development is on schedule... Plants in many parts of Mexico have begun to flower and form bolls... Fair weather has assisted early crop growth in Greece... Welcome rain has fallen in parts of Turkey... Variable weather has been reported in Uzbekistan. Damp conditions may encourage insect activity... Tajik officials have expressed concern over locust infestation in southern cotton areas... Wet conditions in Kazakhstan have been unhelpful for cotton... A heat wave in Pakistanhas put young plants under stress... In India, the southwest monsoon has made some advance but remains a little behind schedule. Rain is badly needed in the northern growing states, where sowing is complete... Hot, dry weather has continued to prevail across parts of northern China. Elsewhere, moisture levels appear adequate... Helpful weather has accompanied the final stages of the Argentine harvest... Rains in Australia have had little impact on the prospective availability of water in cotton areas.Increased forward trading has been witnessed on a number of raw cotton import markets... Net US upland export shipments totalled 438,600 running bales during the week ended June 7, a marketing-year high. Commitments for the current season amounted to 139,700 bales, while those for 2007/08 rose by 38,000... Chinese customs report that cotton imports fell in May. Cotlook's import forecast for the season has been reduced to 2,500,000 tonnes. Pakistan's textile industry has expressed disappointment over measures announced in the federal budget... India's government may seek to compensate textile and clothing exporters for loss of earnings following the appreciation of the rupee... Yarn production in China reached a new record high in May. The country's textile and clothing exports increased strongly during the first five months of the year... Shipments from China continue to dominate US textile and clothing import figures... The bilateral textile trade agreement between the European Union and China has been discussed in a meeting of high-ranking officials.