Beni Suef governorate witnessed an auction to sell more than 10,000 quintals of Giza 95 cotton, where the auction price was opened at 3806 pounds per quintal and rose to about 4400 pounds per quintal.
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 sale prices ranged from 4260 pounds to 4400 pounds, which represents a strong addition to farmers in Upper Egypt, explaining that the cotton was received from many collection and sorting centers, namely Al-Wasta, Dandel, Abishna, Ihnasiya Al-Khadra, Al-Nuwaira, Qai, Kassab and Tawa. And built Ahmed and Fazara and Baba and Waqfhas.
Dr. Ahmed Mostafa, CEO of the Cotton, Spinning, Weaving and Garment Holding Company, one of the companies in the Ministry of Public Business Sector, praised the cotton trading system, which directly contributes to supporting farmers and peasants and also contributes to increasing the area of cotton planted each season from the previous season due to the value obtained by the farmer. .
He indicated that about 24,370 quintals of Upper Egypt cotton were sold in Fayoum and Beni Suef governorates, through auctions with the participation of about 15 companies in each auction..
Mustafa explained to “The Seventh Day” that the new cotton trading and trading mechanism added a lot to farmers and peasants, and contributed to the rise in cotton prices; This represents a great support for the farmer, and contributes to increasing the agricultural area of cotton during the coming seasons, explaining that the opening of auctions takes place according to international prices, specifically the selling price of American pima pieces..
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..
Also, the selling prices won by private sector companies in the auction ranged from 5100 to 5155, and the opening price of the auction was 3805 pounds per quintal, as the quantity sold of cotton amounted to about 2600.3 quintals of cotton..
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 regulate and improve the cotton trading process, maintain its cleanliness and quality, and thus increase its global competitiveness, while achieving the highest return for the farmer against his cotton through auction.