Total net export sales and against the current MY for the week ending June 23 were notably lower Vs the previous sales period at approximately 69K running bales. Shipments were strong and ahead of the weekly pace required to meet the USDA’s 9M bale export target at nearly 240K running bales. Sales cancelations were moderate at around 26K running bales. Total export sales against the 2016/17 marketing year were fairly strong at nearly 145K running bales.
Today’s data is, we think, is supportive. However, the USDA acreage report, scheduled for release at 12:00 PM ET is the larger event for today and, ultimately, that report will likely have a greater effect of today’s settlement.
