Ivan Zhigalov
Market has remained within the range formed at the beginning of June for two weeks already. Export sales have slightly risen recently, and buyer’s activity may be expected to increase.
Current market condition shows that there is no fear about goods deficit, which is also proved by reports from major analytic agencies. In particular, harvesting is coming to the end in the USA, having met no worrying factors on its way.
Dry weather in India and Pakistan also favours the harvesting campaign.
Storage at ICE keeps falling, currently amounting to 0.055 mln. bales in comparison to 0.043 mln. the week before last.
Export sales amount to 300 ths. in comparison to 14 ths. bales during the equal period last year.
According to Commodity Trading Department of , there are no fundamental factors for the price rise, and the market is most likely to continue its side trend within the range of 68-78 dollars per bale.
Ivan Zhigalov
