November position report sees crop receipts to date running 3% higher than at the same point in 2016 at a marginal fraction under 2b pounds.
Shipments however are running 5% higher and commitments are 20% higher so demand is looking very likely to outstrip supply leaving a lower than forecast carryout which would normally be expected to put pressure on pricing.
Rejects are maintaining the level of previous months and overall are sitting at 2.36%
Shipments for November 2017 were a record for the month of November which was 22% higher than for the month of November 2016.
USA Report, page-2
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