January position report was released overnight.
Crop receipts are down 3.4% on the same time last year and are on track to be slightly under 2.5b pounds versus the 2.6b pound July objective forecast although rejects are running more than double the usual 2% allowance so will reduce the final supply by a further 50+m pounds compared to forecast.
Domestic shipments continue to be very flat, down 0.57% versus the same time last year however exports are strong up 12.2% for total shipments to the end of January being up 8.6%
Overall this has reduced inventory on hand by more than 11.4% compared to 12 months ago.
Exports for the month of January was a record 173m pounds, up 10m pounds on the previous January record which was last year.
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