Cotton outlook

摘要

Upland offering rates have been well maintained during the period, in face of firm replacement costs at most origins and gains in New York futures. Speculators in that market added to their short holdings last week, thereby reducing the net long position further... Egyptian prices have shown a firmer appearance... Local prices in China have lacked clear direction. News of next year's import quota regime is awaited... The United States Senate has resumed debate on new farm legislation, in an endeavourto pass the measure before the recess. Washington's latest supply and demand estimates held few surprises. Washington's December estimate of the United States crop was increased to 18,986,500 bales (480 Ibs), to reflect better yields in several states.The active harvest areas are confined to Texas and Georgia. A reduction in next season's plantings seems probable in California... Good harvesting weather has persisted in Mexico. Close to two thirds of the crop has been picked... Some doubts have surfaced with regard to the size of the Egyptian crop... Seed cotton arrivals in India remain well ahead of last season... In Pakistan, picking has continued to progress well but production estimates remain pessimistic... Early indications are emerging with regard to Chinese planting intentions for next season... Australian cotton areas have received additional welcome rainfall... Sowing is in full swing in Brazil. The latest official crop forecast is modestly lower than that of a month ago... Argentina's crop is likely to fall short of last season's total. Sowing continues. Mill demand has embraced a range of US and 'outside' growths, predominantly for nearby shipments... During the week ended December 6, the net increase in US export registrations of upland cotton was 355,000 running bales. Cotton has continued to enter the loan in volume... In Turkey, the Taris cooperative has disposed of several thousand tonnes of 2007/08 crop cotton... Chinese raw cotton imports in November were the lowest of the calendar year to date... Brazilian export shipments reached a new high last month... Egypt has registered further significant sales of Giza 86. Yarn selling rates have recorded some increases, but the strength of raw cotton replacement costs remains problematical for spinners. Synthetic fibre prices are also firm... Growth in China's textile and clothing exports has slowed recently, but remains substantial... Brazil has raised textile and clothing import tariffs... US imports of textiles increased in October but those of apparel declined.