Total net export sales of cotton against the current MY for the week ending April 23 were reported at 134.4K RBs – down approximately 14% vs last week. Sales cancellations were negligible at 5.6K RBs. Total export shipments for the period were approximately 290.1K RBs, off vs last week but well ahead of the pace required to meet the USDA’s 10.7M bale export target. Upland sales against 2015/16 were 42.9K RBs.
Total commitments stand at nearly 101% of the USDA’s export projection. Export shipments will need to average approximately 226K RBs per week.
Overall, we take today’s export data to be supportive, although we think that the trade was likely looking for larger numbers on today’s report. Today’s data strongly suggests that the USDA will enhance its export projection on the May WASDE report.
Corn and soybean sales were higher vs last week, with soybean sales posting positive sales this week of just less than 450K MTs. US wheat export sales remain under pressure with net sales reductions of nearly 450K MTs, a MY low, put forth in today’s report.
