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Too much Cotton available
Reporting Period August 27 – September 9, 2020
The cotton prices had a slightly lower tendency during the reporting period. The market has been a buyer’s market, since many people wanted to sell their cotton, but there were only few interested purchasers on the market. China has continued buying agricultural produce from the U.S. according to the Phase One agreement, including cotton. Thus the New York cotton futures have somewhat stabilized. Cotton from other origins recorded stronger price differentials reflecting the market development.
The overall market situation has fairly improved compared with previous weeks and months, but has still been far from returning to the level before the pandemic. Sales negotiations have been obstinate and tough due to the current surplus. Buyers have been hunting the cheapest offers that have appeared repeatedly.
The next USDA report that is expected at the end of this week will show whether these assessments regarding the surplus might be carried on.
Bremen, September 10, 2020