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Index sets new record in BR, but export parity is still higher

 
Cepea, November 18, 2021 – With cotton prices at high levels in the international market, the value paid for the Brazilian product exported – represented by the export parity – became more attractive than prices in the national spot market in the first fortnight of November. Aware of that, sellers were unwilling to lower asking prices, while the purchasers with higher needs agreed to pay more, majorly for higher-quality cotton.

 

Thus, on Nov. 8, the CEPEA/ESALQ Index for cotton set a nominal record in the series of Cepea – which began in July/1996 –, closing at BRL 6.0642/pound. On Nov. 16, this Index closed at BRL 6.0330/pound, 1.43% up in the fortnight. The average in the first half of November, which closed at BRL 6.0251/pound, is the highest in the series, but still 1.6% lower than the export parity. It is important to mention that this Index remained higher than the export parity for 12 consecutive months.

 

Although the US dollar dropped by 2.7% against the Real between Oct. 29 and Nov. 16, to BRL 5.492 on the 16th, the Cotlook A Index rose by 5.8%, to USD 1.2695/pound. Thus, the export parity increased by 2.95%, to BRL 6.1046/pound (USD 1.1115/pound) at the port of Santos (SP) and BRL 6.1151/pound (USD 1.1135/pound) at the port of Paranaguá (PR).

 

EXPORTS – In October, Brazil exported 203.09 thousand tons of cotton, the highest volume since March/21 (222.13 thousand tons), 44.8% up from that in September, but 15.8% down from that in Oct/2020, according to Secex. The average price per pound closed at USD 0.7783, 1.22% higher in the monthly comparison and 13.65% higher in the annual comparison. Considering the average of the US dollar in October, of BRL 5.535, in Real, the price of the cotton exported closed at BRL 4.3081/pound, 27.1% lower than the Brazilian cotton Index (BRL 5.9088/pound) and 23.86% below the export parity last month (BRL 5.6583/pound).

 

(Cepea-Brazil)

 

 

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