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Our export estimate is waffling around 13.25 Mb, about Mb above current USDA. We have heard some theoretical estimates as high as 14.0 Mb, but that would be a rather high jump to make. If our production estimate is about right at 17.11 Mb, that means the US will export 63.3% of available supply. This is high, but in line with other years such as 11/12, 12/13, and 13/14. In the modern era, the high was 68.3% in 10/11, and the low was 48% in 02/03, 06/07 and 07/08. Varner View The best news of the year, and the worst market performance of the year. This reversal of sorts comes as rumors keep popping up, that some of the cotton China has bought in recent weeks is merchant-to-merchant, and for spec purposes only. No way to know if that is true, but todays action certainly has to be ugly after some magnificent sales. The last time sales were this good was Jan 2015.

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2017-03-16 / Posted in