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Cottonseed Update

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03

Jan

Cottonseed Update
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We’re starting the week off on a positive note.  We have the Fresno unit finishing up unloading, a Connor unit that landed and is starting to unload, and a unit in Modesto unloading.  The Fresno unit had a 14 day transit time and the Connor and Modest took 6 days to get from origin to destination.  I hope the Fresno train was a one-off and the BNSF performs more efficiently going forward.  However, when talking to the BNSF management, I’m being told things will probably get worse over the next few months.  We have another Fresno train that will ship this Friday and should arrive Fresno the middle of next week (on a 6 day transit).  It is good to have trains in all locations but I am very concerned about keeping cottonseed on the ground over the next three, plus, months.  If the BNSF provides 6 day transits we will have just-in-time inventories and if we have issues, like the recent Fresno train, we will run out at various locations.  This causes a problem when it comes to selling additional spot or JFM loads.  We really have no business selling additional seed when I’m worried about running out as it is.  I will try to buy single railcars and local cottonseed to allow me to sell spots.  For now I will sell at the below prices but may have to pull the offer if I cannot get replacement seed bought.

Otherwise, offers are non-existent across the country as gins on the East Coast and Delta are finishing up ginning, and Texas will, for the most part, be finished by the end of January.  There are higher bids across all regions by dairies and traders trying to entice gins to cut loose of any long position.  This is always the time of year when gins finish up, take a week or two off and have no interest in selling their stored seed until the spring.

California canola is offered around $425-430 FOB and cottonseed at $435, although a very high price, seems like a fair value.

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Clovis Main Office
Wes Creswick

11567 East Bullard Avenue
Clovis, CA 93619
Office - (800) 406-5269 or (559) 323-0795
Fax - (559 ) 323-3769

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