Crop & Business update
Crop is developing well with limited problems of green worm being reported. Considering the weather conditions and the development of cotton plants, we are set all over Greece for an early harvest. Provided we donβ€™t have any heavy rainfalls during mid September many people estimate the beginning of harvest between 20-25th of September.
- Crop size is still estimated at 250,000 tons
- Forward sales so far are about 45,000 tons
Recent business concluded for HVI 41 is ranging between 700-800 on Dec 17 FOT net to ginner, depending on fix or on call price, direct or merchant sale. Lately, Turkish mills have increased demand especially for early shipments. This of course is strengthening the Greek basis, even though other traditional buyers (Egypt or Far East) are not so active these days.
Following the end of summer holidays, this week signals the return to business activity. We expect a last wave of forward sales to take place in the following weeks and prior to harvest.