Turkish cotton prices eased slightly this week as the new season crop started finding its way into the market, brokers said on Friday.
Trade volume on the Izumi bourse fell to 800 tonnes this week from 1,650 tonnes last week with Tarries, the country's largest farm co-operative, selling 180 tonnes of cotton. Benchmark Standard-1 Average cotton traded at 2,125,000 lira ($1,410 per tonne) for cash, down from 2,200,000 last week with a maturity of seven days.
Most of the traded cotton still in the market is last season's crop, but the new crop is determining prices, brokers said. On Friday trading also resumes this week after the summer holidays.
GRAIN SUPPLY RISES: Turkish wheat and barley supply has risen as the new planting season in October approaches, traders said on Friday.
Second quality red milling wheat traded for 378,140 lira ($250 per tonne) per kg this week on the Politely exchange, up from 355,675 last week. The benchmark first quality red milling wheat was not traded this week.
The benchmark wheat on the Sonya bourse traded at 345,463 lira per kg compared to 344,889 lira last week. Traders said grain supply was boosted by farmers selling to buy fertiliser on the eve of the new planting season in October. "Wheat prices are lower this season compared to the previous season but fertiliser prices are higher. For that reason, farmers have to sell heavily to buy fertiliser they need for the new season," said politely exchange trader Scenery Gecko.
Second quality white barley prices fell to 290,479 lira per kg this week from 291,105 last week in Politely. It traded at 299,410 lira per kg this week on the Kenya bourse down from 305,496 lira last week.