Archive for September, 2015

Total net export sales for the week ending Sept 17 were reported slightly lower vs last week at nearly 101K running bales (on the lower end of our expectations); however, total shipments were higher at about 115K running bales. Sales cancelations were reported at just below 10K running bales. Total commitments against the new marketing year are 31% of the USDA’s 10.2M bale export projection and new crop sales will need to average approximately 153K running bales per week in order to meet the USDA’s export target.

Because the majority of the market’s move lower to around the 60.00 level began on Sept 18, sales associated with prices near this level are not reflected in today’s report. The market’s inability to move significantly lower than 60.00 suggests that business may have significantly increased over the last week. Hence, we view the balance of today’s data as neutral to somewhat supportive.