April position report was released overnight. Considering crop receipts have been down 4.7% and shipments up 4.2% the US is on track for around a 500m pound carryout for the 2023 crop compared to 800m last year, a significant reduction in inventories and back in line with more normal levels.
April saw a 22.4% jump in shipments versus April 2023 and if the remaining three months of the crop year track the same as last year they will have the second highest level of shipments on record, even with the depleted crop receipts for the 2023 crop.
April position report was released overnight. Considering crop...
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