Europe: Shipments to the region reached 38.7 million pounds, a 40% decrease from last year. In Europe, buying activity has slowed, resulting in a more cautious market. Buyers are currently making minimal purchases, looking for signs that prices might soften before placing larger orders. This hesitation is preventing significant buying beyond immediate needs. As prices remain stable without signs of decline, buying activity is anticipated to increase as the region gears up for upcoming holiday demand. Middle East: Shipments to the region totaled a modest 10.2 million pounds, marking a 41% decline from last year. This drop was anticipated due to limited buyer activity as they awaited softer prices to conclude the previous crop year. As local supplies have diminished, activity has increased recently, with buyers requesting prompt shipments. Demand is expected to remain strong in the coming weeks, driven by the early timing of Ramadan in 2025 and the need for buyers to secure coverage well in advance due to lengthening transit times. Domestic: In August, shipments totaled 62 million pounds, a modest 1% increase from the previous year. After a volatile year for monthly shipments, it's promising to see the domestic market begin positively despite limited inventories of in-demand products. New sales for the month were 9.1 million pounds, with total commitments down 26.8% compared to last year. On a positive note, recent weeks have shown a rise in sales as buyers adjust to post-Objective Estimate pricing. With substantial demand still to be met for the current crop year, buyer activity is expected to continue. COMMITMENTS Total commitments for the year started at 607.6 million pounds, a 2% decrease from last year. However, uncommitted inventories have dropped significantly to 11.1 million pounds, down 68% from the previous year. New sales have also fallen sharply by 62% to 159.3 million pounds, as buyers delay purchases in anticipation of lower prices. With an expected crop of 2.8 billion pounds, current shipments and commitments account for 24% of the total supply, compared to 26% last
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SEPTEMBER–OCTOBER 2024
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