Total net export sales of cotton against the current MY for the week ending Feb 19 were reported at 78.1K RBs, well ahead of the pace required to meet the USDA’s 10.7M bale export target. Sales cancellations for the period were 8.6K RBs, down sharply from the last two reports. Total export shipments for the period were 1944K RBs, short of the pace required to meet the USDA’s export target.
Total commitments now stand at approximately 93% of the USDA’s export projection. Net sales will need to average about 33K RBs per week in order to meet the target while shipments will need to average approximately 264K RBs per week.
We take today’s sales and shipment data to be mostly neutral.
