Total net export sales for the week ending Feb 18 were a dismal 121.4K running bales; shipments were discouraging as well at just above 180K running bales. The US is now approximately 73% and 39% committed and shipped, respectively, Vs the USDA’s 9.5M bale export target. Net sales barely met the weekly pace required to meet the USDA’s export target while shipments continue to fall well short of the pace requirement. Sales cancelations were near 5K running bales. Total net sales and shipments will need to average around 108K and 234K running bales per week for the remainder of the current marketing year in order to meet the USDA’s target.
It goes without saying that this data is not supportive; but it remains to be seen how much of today’s poor news is already priced into the market.
