Fayoum governorate witnessed an auction, to sell about 7838 quintals of Giza 95 cotton, where the auction price was opened at 3806 pounds per quintal and rose to about 4290 pounds per quintal, a slight decrease of about 120 pounds per quintal from the last auction in Beni Suef Governorate.
The opening of the auction is determined by the price of American pima cotton and the international cotton exchanges, according to the new cotton trading mechanism.
The auction data obtained by Youm7 indicated that the final selling prices ranged from 4200 pounds to 4270 pounds, which represents a strong addition to farmers in Upper Egypt, explaining that the cottons were received from many collection and sorting centers, which are Tamiya, Al Rawda, Senoras Awal, Al Hadhaqa, Desia, Ibshaway, Senoris Thani, Rahmy, Minya Al-Hayt, Itsa, where the largest quantity was received from the Dacia sorting and collection center with 596 cotton bags.
It is noteworthy that the highest selling price per quintal of Upper Egypt cotton in Fayoum governorate amounted to about EGP 5,155, an increase of EGP 1,400 over the price of last season, where prices ranged from EGP 3,700 to EGP 3,860 per quintal, which represents great support for farmers and support for the expansion of cotton cultivations..
The selling prices won by private sector companies in the first auction ranged from 5100 to 5155, and the opening price of the auction was 3805 pounds per quintal.
It is noteworthy that the new cotton trading system is being implemented for the fourth year in a row, as it depends on the sale of cotton through the auction system in collection centers in each administrative center in the governorates according to the cultivated areas. For bidding between trading companies.
The system aims to organize and improve the process of trading cotton and maintain its cleanliness and quality, and thus increase its competitiveness globally, while achieving the highest return for the farmer against his cotton through auction.