Contents - Greenmount Press
Contents - Greenmount Press
Contents - Greenmount Press
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World COMModity Watch<br />
US<br />
The crop remains behind last year in terms of harvest progress, but<br />
recent favourable weather should allow the harvest to ramp up in<br />
pace and move along in the South East and Mississippi Delta. After<br />
a disappointing start to quality in West Texas, the overall outlook<br />
has improved with tenderable quality now at 47% of the 3.1 million<br />
bales that has been classed as we write this report. There was<br />
active grower selling in the US as the recent spike provided a short<br />
opportunity for higher prices, but much cotton remains unsold with<br />
many growers still looking at the Loan as a viable marketing solution.<br />
Cert stock remains at the lowest level since 1995 when it fell to 1,311<br />
bales, but history suggests that between now and December, the cert<br />
stockpile will re-build once more new crop is harvested.<br />
Brazil<br />
Early this month, CONAB released their<br />
first set of estimates for the 2012–13<br />
row crops. Soybeans area is forecasted<br />
at 26.9 million hectares (up 7.3% year<br />
on year), while corn is expected at 14.7<br />
million hectares (down 2.7%) and cotton<br />
at 1.06 million hectares (down 23.8%).<br />
Accounting for better than average yields,<br />
CONAB has cotton lint production at 1.56<br />
million tons (down 17.3% y-o-y). This<br />
lint production estimate is about 10%<br />
higher than the average estimate of the<br />
trade, mostly due to the assumed yields.<br />
As a note of interest, total soybeans<br />
output is forecasted at 81.4 million tons,<br />
an increase of 22.7% from the 2011–12<br />
season. Favorable weather conditions<br />
have prevailed across the country over<br />
the past several weeks. Soybeans planting<br />
is now well underway across the main<br />
growing regions. Cotton planting is set to<br />
commence in mid-November, and will go<br />
all the way through mid-January for those<br />
planting it as a second crop, immediately<br />
after soybeans are harvested. As for the<br />
current crop, it could be added that it is<br />
100% harvested, about 70% ginned, and<br />
quality has been satisfactory/average, and<br />
certainly better than last year’s.<br />
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From the field to t<br />
Queensland Cotto<br />
Queensland Cotton has the longest supply
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