The August position report was released overnight and it has me a bit stumped. The carryin for the 2024 crop year seems is higher than I expected as the actual inedibles (loss & exempt) figure for the 2023 crop was revised down from 4.23% in the July report to just 2.11% in the August report.
Either the monthly reporting was way off all throughout the year or the final figures in the August report are wrong.
The carryout from 2023 has been stated as 502m pounds. The Objective report gives us 2.8b pounds of new supply and a forecast of only a marginal increase in demand for 2024 crop vs 2023 they are estimating a carryout for the 2024 crop of 550m pounds.
In terms of shipments for August domestic was flat but exports were down nearly 30% on the prior year and overall shipments at 168.3m pounds were by far the lowest in 5 years.
The August position report was released overnight and it has me...
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