Market participants surveyed by Mintec in the first week of January were expecting strong shipments ahead of the release of the December 2023 position report on 11 January 2024. Estimates for the December shipment figure were reported in the range of 215-260 million pounds, with most respondents returning figures of 225-240 million pounds.
If realised a figure at or above 215 million pounds would be the second highest shipments on record for the month of December.
“Despite it being a short month, everyone seems to have managed to get a lot out of the barns and I’m expecting another strong shipment month moving into January if our book of business if any indication,” a US exporter said to Mintec.
Crop receipts in the December position report will also be keenly watched by industry with this report giving a clearer insight into the total volume of the crop.
“We should have a clear idea of what we are working with once the December crop receipts are released. I wouldn’t expect there to be much more than 50 million pounds left to be accounted for at this stage, which doesn’t move the needle much,” a US handler stated.
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