With just 550,000 lbs. received this month, year-to-date receipts stand at 2.533 billion lbs.
Given that USDA receipts stand at 2.543 billion lbs., we would estimate the final crop number to settle down around 2.545 billion lbs.
May shipments were a lackluster 154 million lbs., down 14% from the record 178 million lbs. shipped last May.
This low shipment number can be directly attributed to the ongoing COVID-19 pandemic, which has resulted in port closures and buyers delaying call offs.
With several markets now easing restrictions, June shipments are expected to be strong, but only time will tell if June and July can make up for the 25 million lb. deficit from May.
After 5 months of record shipments the domestic market finally showed signs of a slowdown, with just 57 million lbs. shipped in May.
While this is down nearly 14% from last May, year-to-date domestic shipments are still at a record 647 million lbs., up 4.26%.
Export shipments in May were 96 million lbs., down 14% from the 112 million lbs. shipped last May.
With the exception of the Middle East, all other regions were down this month.