4月份巴西棉花指数保持稳定

Brazilian cotton index remains stable in April
Cottonquotes in the Brazilian market had only slight oscillations in the month of April, reflecting the gap betweenpriceand quality. Prices have been ranging between 2.91 BRL per pound to 2.95 BRL per pound since mid-January. The average price in April, at 2.9305 BRL per pound, is a slight 0.15 per cent higher than that from March 2019.
Between March 29 and April 30, the Center for Advanced Studies on Applied Economics (CEPEA)/ESALQ cotton Index, with payment in 8 days, rose a slight 0.46 per cent, closing at 2.9480 BRL per pound on April 30, according to the latestreporton the Brazilian cotton market released by CEPEA.
“Some processing plants were working with the product stocked and/or from deals previously closed, while other purchasers were buying cotton at quotes lower than asking prices. Only the purchasers that were searching for higher quality cotton were willing to pay more for the product,” the report said about the market.
Traders were searching for batches to accomplish contracts previously closed. However, the large volume of mixed quality batches was hampering deals, the report added.
Meanwhile, according to data from the Brazilian Commodity Exchange BBM tabulated by CEPEA, 71.4 per cent of the 2017-18 Brazilian crop, estimated at 2.005 million tons, may have been traded until April 30. Of this total, 57.7 per cent was allocated to the Brazilian market, 31.6 per cent to the international market, and 10.7 to flex contracts i.e. for exports with an option to sell in the Brazilian market.
For the next season, data indicates that at least 27.8 per cent of the 2018-19 output (forecast at 2.647 million tons by Conab) was traded in the same period, with 42.9 per cent allocated to the Brazilian market, 35.8 per cent to exports, and 21.3 per cent to flex contracts.
译文如下：
4月份巴西棉花指数保持稳定
巴西市场棉花价格4月份只有轻微波动，反映出价格和质量之间的差距。自1月中旬以来，价格一直在每磅2.91至2.95 雷亚尔之间波动。4月份的平均价格为每磅2.9305 雷亚尔，略高于2019年3月的0.15%。
根据应用经济学高级研究中心(CEPEA)发布的最新巴西棉花市场报告，3月29日至4月30日，CEPEA/ESALQ棉花指数在8天内小幅上涨0.46%，4月30日收于每磅2.9480雷亚尔。
“一些加工厂正在处理库存或以前成交的棉花，而其他买家则以低于要价的价格购买棉花。只有那些寻求更高品质棉花的买家才愿意为这种产品支付更高的价格。
交易员们正在寻找完成之前已完成合约的批次。然而，报告补充称，大量混合质量的批次阻碍了交易。
与此同时，根据CEPEA编制的巴西商品交易所BBM的数据，2017-2018年巴西农作物中，有71.4%(估计为20.05亿吨)的交易可能持续到4月30日。其中57.7%分配给巴西市场，31.6%分配给国际市场，10.7%分配给弹性合同，即出口产品有在巴西市场销售的选择权。
下一季的数据显示，在2018-2019年的产量中，至少27.8% (Conab预测为264.7万吨)是在同期交易的，42.9%分配给了巴西市场，35.8%分配给了出口，21.3%分配给了弹性合同。