The July 2022 Position Report was released on Friday, August 12th. As the final report for the 2021 season, we now know the final size of the 2021 crop as well as some information for the new season.
Year to date 2021 crop receipts now total 2,922,001,402 pounds, which is 5.95% below the 3,106,951,935 pounds received to date last July.
Total shipments for the month were 169.4 million pounds, a decrease of 26.2% when compared to last year’s 229.4 million pounds. Export shipments were 112.2 million pounds, which is down 29.2% from last year. Domestic shipments were 57.2 million pounds, this is down 19.3% versus last July’s 70.9 million pounds. After two months of record-breaking shipment numbers, July shipments were not as strong as expected. The final carryout is 837,752,598 pounds. While lower than the 1-billion-pound estimate once discussed, this is still a record carryout. We will likely see an adjusted carryout number once the August 2022 report is released and that will be the final number to work with.
New sales for the month were 63.3 million pounds compared to 77.6 million pounds sold at this time last year. Based on the final crop size of 2.922 billion pounds, the year to date sold position is 85.3%; this time last year the industry was 92.8% sold.
Year to date the total sales for the 2022 crop are now 298.5 million pounds compared to 441.5 million pounds sold to date last year.
There was no immediate impact on prices after this report and the market has remained fairly quiet. As the new season begins, the industry is working with an estimated total supply of 3.4 billion pounds. However, many suspect that the new crop will be smaller than expected.
