Market Update – October 9, 2020

Bill Morecraft
Senior Vice President

Large is the theme for the September ABC Position report, as in large numbers. Receipts, shipments, and commitments are all at historic highs. Let’s review what has occurred in the first two months.

September receipts reached 780 million lbs. This is ~140 million lbs above September shipments in recent years and closer to the volume seen in October the past two years. The crop continues to appear to be very close to the 3.0 billion projected with the NASS Subjective and Objective estimates. The increase is heavily driven by yield increases in the mid and north state. The early read is smaller CPOs in Nonpareil and some California varieties, with independence and Monterey CPOs being much closer to normal…[Read More]

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