Total net export sales for the week ending Oct 22 were off vs the previous week at 77.6K running bales. Net sales were approximately 50% of the weekly pace required in order to meet the USDA’s 10.2M bale export target. Total shipments were slightly higher at 74.5K running bales. Sales cancelations were again near non-existent. Total commitments against the new marketing year are now nearly 37% of the USDA’s export projection and new crop sales will need to average approximately 157K running bales per week in order to meet the target.
We view today’s data as bearish.
