Total net export sales for the week ending Aug 20 were reported somewhat higher vs last week at 63.3K running bales while total shipments were reported at 109K running bales. Sales cancelations were reported at nearly 16K running bales. Total commitments against the new marketing year are nearly 28% of the USDA’s 10M bale export projection and new crop sales will need to average approximately 145K running bales per week in order to meet the USDA’s export target.
Overall, although it is very early in the marketing year, we see today’s data as less than supportive. However, with the markets current fall this week in excess of 400 points, today’s export report may be priced into the market.
