International cotton prices have advanced in the past month, influenced by upward movements in New York, and has returned to the lower end of the previously well-established trading range, which had prevailed for several months.
International business activity has remained much the same as in the past several months, with spinners generally unwilling to extend demand beyond hand-to-mouth requirements. Mills have remained concentrated mainly on cotton for nearby delivery. The steady pace of business during the past few months has resulted in a fairly well-sold position for many trade sellers, with the result that the volume of cotton available from certain origins during the remaining months of the season appears to be becoming tight. However, little demand for cotton further forward has been in evidence, with the exception of some Brazilian new crop into Far Eastern markets.
US export sales reports released during March have painted a rather mixed picture, with strong numbers in the first half of the month and a less robust pace in the succeeding weeks.
Turkey continues to feature quite heavily as a destination for US exports. An overall decrease of around ten per cent, meanwhile, is foreseen in China. India has instructed farmers to adhere to a sowing window as one measure that might help in the effort to prevent a repeat of last year’s insect damage.