Lack of exports, tepid demand keep lid on FCOJ movement
As of May 12, cumulative 2017/18 FCOJ movement was 187.0 million pounds solids (ps), down 23 percent from 2016/17 to date. Most-recent four-week domestic bulk movement was 24 percent lower than last year, and retail movement was down by 4 percent. Given this season’s reduced production, it’s not a surprise that U.S. exports are down sharply; at 10.3 million ps, cumulative exports were 81 percent behind last season’s pace (which were elevated because of supply problems in Brazil last year) and 70 percent below the five-year average. Slower movement coupled with this season’s 28 percent surge in imports has led to a sharp season-over-season increase in inventory, which, at 267.4 million ps, was up 24 percent.
Weekly FCOJ movement
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