USA Report, page-194

September report out overnight from the US.

Too early in the crop year to judge receipts, initial crop receipts are down on last year however I'm pretty sure last year was an earlier harvest so as usual not likely to get an accurate picture on the total crop size for a couple more months.

Demand has dropped with domestic year to date shipments down 10.3% and total shipments for the month of September down 17.2% on last year marking the second lowest September shipments in the last 7 years.

Shipments in the previous four months saw three monthly records so it appears that the re-stocking that was happening reached a pause in September. Could be demand did not match buyers expectations or buyers are taking a breather waiting to see the shape of this year's crop.

The conditions have hit reject rates as expected with just over 2% like last year that is a figure of interest.