Europe: Shipments to the region totaled 54 million pounds, a 6% increase over last year. Year-to-date shipments are now 6% ahead of last season. Demand has been favorable, driven by an increase in snack consumption in recent months, primarily due to more favorable pricing at the retail level. Middle East: Shipments to the Middle East were 27 million pounds, up 55% from last year with year-to-date sales now 4% ahead of last season. This region has been quite active with affordable pricing driving post-Ramadan demand. Buying activity is expected to continue as the market positions itself for the upcoming Eid al Adha festival in June. This region is expected to remain a bright spot for the industry going forward. Domestic: April shipments reached 64.8 million pounds, the strongest monthly performance all year, up 14% over the prior year. Year-to-date domestic shipments now stand at 547 million pounds, which is a modest 0.6% ahead. Buyers have re-entered the market as indicated by an 8% increase in sales over the previous month. With the published Subjective Estimate within industry expectations and a strong April shipment report, contracting activity is expected to pick up the balance of the current crop year. COMMITMENTS Total commitments improved for the third consecutive month compared to last season and now stand at 552.7 million pounds, which is 2% behind last year. Uncommitted inventory remains favorable at 557.7 million pounds reflecting a 29% decrease from last year. Buying patterns have remained hand-to-mouth all year, still seeing strong new sales for the month
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MAY–JUNE 2024
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