Total net export sales for the week ending Nov 19 were approximately 38% higher vs the previous week (and higher than our expectations) at 275.1K running bales, which again significantly exceeds the weekly pace required in order to meet the USDA’s 10.2M bale export target. Total shipments were higher vs the previous week, but disappointing at just below 100K running bales. Sales cancelations were reported at nearly 24K running bales. Total commitments against the new marketing year are now 45% of the USDA’s export projection and new crop sales will need to average approximately 153K running bales per week in order to meet the target.
Today’s data confirms that export business continued to be accomplished in the 62.00 – 63.00 range, basis Mar. Overall, we view today’s sales data as supportive to bullish.
