Total net export sales and shipments for the week ending Mar 24 against the current marketing year were again disappointing at nearly 99K and 206K running bales, respectively. Net sales were a bit better than the weekly pace required in order to hit the USDA’s export target while shipments were again off the weekly mark. The US is now approximately 82% and 51% committed and shipped, respectively, Vs the USDA’s 9.5M bale export target. Sales cancelations were just below 13K running bales. Total net sales and shipments will need to average around 93K and 238K running bales, respectively, per week for the remainder of the current marketing year in order to meet the USDA’s projection. Export sales against the 2016/17 marketing year were reported at approximately 35K running bales.
The data released today are not supportive, but also likely not far off most expectations. The market could very well likely not move a great deal until neat 12:00 PM, EST, when the annual planting intentions report is scheduled for release.
