Northern Xinjiang: A small amount of machine-picked cotton is mined, and acquisition loan management is tightened
According to feedback from cotton processing companies in Changji, Wujiaqu, Kuitun and other places, farms have started machine picking in the past two days. It is expected that cotton processing companies will gradually start weighing and trial rolling this week. Beijiang Machinery The purchase price of seed cotton will also be revealed.
Some ginners said that considering that the price of cotton seeds will fall significantly after a large number of launches, and the carryover inventory of cotton in and outside Xinjiang in 2021/22 is relatively large, the purchase price of seed cotton may be strictly based on the main contract price of Zheng Cotton. (After deducting premiums and discounts, the upper limit of the cost of 3128B class in the regulatory library is lower than the CF2301 contract price). Once there is no profit or even loss in hedging, the company would rather reduce or stop collection.
Judging from the survey, various financial institutions will have stricter management of cotton support acquisition loans in 2022/23. Even for companies with better qualifications, the margin will be raised from 5% to 10%, and most companies will be 15-20% , according to the requirements, loan companies need to have 10%-20% of their own acquisition funds, which puts great financial pressure on ginning companies. In addition, loans to support acquisitions will be issued in installments, basically realizing the goal of “loan one batch, collect another batch, then lend again and then acquire again.” At the same time, guidance and supervision on the purchase price of new flowers will be strengthened to prevent companies from raising prices regardless of costs to rush for collection. .
Several cotton companies in Xinjiang believe that the current contract price of Zheng cotton CF2301 has fallen to the range of 14,000-14,500 yuan/ton, which is “inverted” with the quotation of “Double 28” machine-picked cotton in Xinjiang’s supervision warehouse by 700-800 yuan/ton. tons, and the current supply of cotton in Xinjiang’s internal warehouses for 2021/22 is sufficient, so the opening price of machine-picked seed cotton in 2022/23 is likely to open lower.
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