Total old crop net export sales for the week ending July 23 were reported at 27.4K running bales (down approximately 75% vs the previous sales period) while total shipments were reported at approximately 183.2K running bales, which leaves a balance of only about 37K running bales to be shipped next week in order to meet the USDA’s export target . Sales cancelations were reported at around 16K running bales, up approximately 100% vs last week. Total new crop sales were significantly higher vs those reported last week at 73.8K running bales.
Overall, we think today’s data is supportive.
