Total net export sales of cotton against the current MY for the week ending Nov 20 were reported at 310.5K RBs, a marketing year high. Sales cancellations were reported at only 7.8K RBs. Total export shipments were reported at 114.2K RBs, also a MY high.
Total commitments now stand at approximately 68% of the USDA’s 10M bale export projection. Net sales and shipments will need to average approximately 87K RBs and 225K RBs per week in order to meet the target.
Today’s sales data is supportive, but relatively large sales were expected. Too, even though shipments were significantly higher W/W, they were well short of the weekly pace requirement to meet the USDA’s target. Intraday rallies are probably selling opportunities.
