Harvest paused for couple of days, merchants are active

Harvesting paused during the week in many cotton growing areas for about one to three days due to the rainfalls. In some areas they are expected to restart today or tomorrow. Overall about 50% of cotton has been picked up and either delivered to gins (biggest part) or stored to warehouses (smaller part).Starting from the South to the North in Levadia about 70% of fields have been harvested while in Thessaly there is a mix depending on area. Karditsa & Trikala have almost finished harvesting while Larissa is at 30-40%. Thessaloniki and Imathia are at 50%, Serres & Drama at 30-40%. Komotini area is at about 20-30% and has recently stopped harvesting due to rainfalls.

Quality

Definitely, cotton that will be produced after these rains will be downgraded due to color. Most people believe that we will lose half a grade but this is something we will appraise during next week once seed cotton is delivered and ginned.Right now the biggest majority of pre rain cotton stands at middling description or middling shy. Depending on area this may mean either hvi 31/41-1 or hvi 31/small part of 32Άs.

Regarding quantity we are still estimating about 250,000 tons of lint to be produced while so far about 70,000 tons has already been sold. Adding up also 20,000 tons of local consumption we go to 160,000 tons balance for exports.

Business wise, the futureΆs rally was followed primarily by international merchants and then by few Turkish spinners. During the week business concluded was ranging at levels of 90.5-92 usc/lb FOT for middling type.