Sales once again blew through our projection, hitting 347 krb with China high at 102 krb, Viet 2nd at 81 krb, and Pak in for 25 krb. Sales were 3rd best of the market year. Shipments were good at 288 krb, best of the market year, and best since early July. Shipments need to average about krb/week to make the target, and are in a period when they typically are over the average.
No doubt about it, demand is much better, and for much longer than we anticipated. Our theory remains that major consuming countries ran their inventories down too low on the heels of the Chinese announcement regards their destocking, and they have been playing catchup since. The world inventory is thus shifting from China to ROW, but overall consumption remains flat. Synthetic fiber prices see to that. Sales jumped up in late July, pushing futures from 65c to 78c, and have remained robust since.
William Johnstone Britton was born 1878 in Rolling Fork, Mississippi. He graduated from Ole Miss in 1896. Britton went to work as a cotton classer in 1914 for F M Crump. He opened his own company in Memphis in 1919. He was known as the poet of Front Street, and wrote many articles and poems about this once vibrant and colorful place. This was once the world center of the cotton market, but today is only a shadow. We have some fond memories with our father on Front Street, and every year Brittons poem is run in this letter, for the old times and old men we remember while growing up.
FRONT STREET
Youre not a very tidy place, Front Street.
And you have a dirty face, Front Street.
But in your buildings bleak and cold
There beats many a heart of gold.
Youre still our Front Street.
Theres been many a gallant knight on Front Street.
Who has fought a valiant fight, on Front Street.
Thereve been battles won and lost;
Theyve been clawed and gored and tossed
By bulls and bears at awful cost, on Front Street.
Theres many a kindly deed done on Front Street.
Theyve helped many a one in need on Front Street.
There are hearts as soft as fluff
That assume a manner gruff
Just to hide their real fine stuff, on Front Street.
Many have traveled far and wide
Who have lived on Front Street.
They have fought and bled and died, on Front Street.
But with the memories of the past
Crowding around me thick and fast
I want to stay until the very last
On Front Street.
W.J. Britton 1878 – 1961
—
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