January 2025 Position Report

The January Position Report was released February 12th, which marks the halfway point for this year’s crop cycle.

2024 Crop Receipts

Crop receipts through January were reported at 2.66 billion pounds. We still expect some volume to trickle in through the coming months. Right now, we’re forecasting 2024 crop receipts in the 2.73-2.75 billion pound range, roughly 50 million pounds below the objective estimate.

Shipments

Shipments remained steady in January, coming in at 229 million pounds for the month. Both domestic (62 million pounds) and export shipments (167 million pounds) were relatively in line with results over the past two years.

Shipments through the first six months of the crop year were reported at 1.37 billion pounds. This is an average of 228 million pounds per month, almost exactly what was shipped during January. Assuming this run rate continues through July, the industry carryout could decline year-over-year for the second straight year.

Sales

The industry came in at 59.9% sold position, sitting slightly above the 10-year industry low, but still trailing the industry average of 65.3%.

New sales for the month were reported at 239 million pounds. This is a great sign that new sales continue to more than replenish the outgoing shipments for the month.