The RCN and kernel prices in May decreased sharply. Although shipments to the US and Europe are still up YTD, there was a marginal slowdown in exports in May. On the other hand, China saw a significant increase in exports from April to May, a sign that the market is finally opening up again but remains 40% down YTD. RCN imports for the year also remain down. Most of this can be attributed to the lower numbers from Cambodia. Whether this is because of a short crop or a reflection of the actual yield (with last year’s numbers being misreported) remains to be seen.