year. Calculated and cautious buying activity should be expected to continue through the end of the crop year, with many beginning to shop for new crop coverage. Spain (+17%), Italy (+9%), and Germany (+4%) continue to lead the region’s growth. Middle East: The region continues to be hampered by the conflict in Iran. Buyers in the Persian Gulf region continue to take a wait-and- see approach with little appetite for risk. Demand is still present across the region, but logistical challenges and increased transportation costs make it difficult to take positions. Trade flows continue to evolve with new destinations now serving as trade hubs with Dubai unable to participate. Turkey continues to show strength, up 35%, while Pakistan, now up 202%, has emerged as a new throughput option to service the region’s demand. Trade will always find a way if buyers want to engage, but until a resolution is reached, the industry will continue to define a new normal over the coming weeks and months. Domestic: The domestic market shipped 52.6 million pounds, resulting in a decrease of 1.3%. April was the second largest shipment month of this crop year, bringing the market year-over-year decrease to 14.4%. Softer monthly sales have led to forward commitments declining by 5.2%. After a long period of steep declines, it appears the domestic market is maintaining its new monthly shipping average just shy of 50 million pounds. With forward commitments of 199 million pounds, this market is well positioned to match prior year’s final quarter shipments of approximately 152 million pounds. COMMITMENTS Total commitments currently stand at 517 million pounds, trailing last year by 1.6%. New sales for the month were subdued in anticipation of the Subjective Estimate and totaled 160.7 million pounds, down from 192.5 million last year. The domestic market secured 39.9 million pounds, while exports added 120.8 million pounds of new coverage. Total commitments for the domestic market are now at 199.6 million pounds while exports have reached 317 million pounds. With softer sales for the month, uncommitted inventory is currently up 4.2% at 605.8 million pounds versus 581.5 million pounds prior year.
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MAY–JUNE 2026
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