Europe: Shipments to the region totaled 43.5 million pounds, an 11% decrease compared to last year with year-to-date shipments 2% higher than the previous season. Like other regions, market activity was quiet in the two weeks preceding the Objective Estimate. Buyers awaited the forecast to instill some confidence that prices would not dip from their current levels. Buying activity is expected to increase as this region has more demand to fulfill to cover new crop supplies. Middle East: This region continues to show persistent growth with June shipments of 31.3 million pounds, marking a 145% increase from last year and an 18% increase year-to-date. Following the Objective Estimate, many in the market adopted a cautious approach. Buyers have their short-term needs covered and will wait for pricing to stabilize before making further decisions. Overall, demand is expected to remain steady into the new crop. Domestic: June shipments reached over 62 million pounds continuing the upward trend for the third consecutive month, with a 1.9% increase from June 2023. Year-to-date domestic shipments totaled 675 million pounds, a 2.3% increase compared to last year. The industry needs to ship 41.4 million pounds in July to match last year’s total. Following three years of declining shipments, we expect July to solidify year-over-year growth. COMMITMENTS Total committed shipments are 347 million pounds, a 23% decrease compared to last year. Uncommitted inventories now stand at 338 million pounds, 36% lower than last year. New sales for the current crop have reached 92 million pounds, down 40% compared to last year, which is attributed to the limited pre-Objective Estimate activity. Year-to-date sales after 11 months are 5% higher than last season. Year-to-date new crop sales are 122% higher at 271 million pounds compared to the previous year.
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JULY–AUGUST 2024
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