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Xinjiang 2007/08 ELS Seed Cotton Prices Very Disappointing
Source: globecotnews Date: 2008-01-21
Poor domestic demand for 2007/08 ELS crop has taken a major economic toll on Xinjiang growers. Through January 14, 2008, the average 2007/08 seed cotton price of ELS in Xinjiang has been 5.6 yuan per kilogram, which represented a substantial 1.2 yuan or 22.2 percent decline from year-ago price levels. This price reduction has caused growers to stop selling seed cotton and opt to have it stored in warehouses and wait for higher prices. The price of ELS seed cotton is now considerably below that of upland in many of the eastern markets. Just this week for example, T328 seed cotton sold in Shandong Province at 6.76 to 6.80 yuan per kilogram. The depressed seed cotton price levels have caused growers great economic harm, which will impact 2008/09 planting intentions. Cotton acreage planted to the ELS variety is expected to sharply decline in 2008/09.
