December position report from California was released overnight which confirms that the 2017 crop will be a record and above original forecast.
The crop was forecast to be 2.25b pounds and with the majority of the harvest counted it looks likely to be about 0.5b pounds higher although rejects/inedibles are running higher than forecast by close to 10m pounds.
Year to date shipments are running at 9.2% higher than at the same time last year after a third record month in a row and with commitments blowing out to 24.9% higher than 12 months ago.
Uncommitted inventory is 8.3% lower than as at the same time last year. On this basis the carryout (or 2017 inventory left over) will likely be well under the long term average as demand is outstripping supply even with the record high 2017 crop!
USA Report, page-4
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