USDA Announces Corn & Soybean Sales to Unknown

May 11, 2012 03:02 AM
 

Private exporters reported to USDA the following activity:

  • Export sales of 300,000 metric tons (MT) of corn for delivery to unknown destinations. Of the total 60,000 MT is for delivery during the 2011-12 marketing year and 240,000 MT is for delivery during the 2012-13 marketing year; and
  • Export sales of 139,500 MT of soybeans for delivery to unknown destinations during the 2011-12 marketing year.

 

The marketing year for corn and soybeans began Sept. 1. USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to USDA any export sales activity of 100,000 metric tons or more of one commodity, made in one day or quantities totaling 200,000 tons or more in any reporting period, to one destination, by 3:00 p.m. Eastern time on the next business day following the sale. Export sales of less than these quantities must be reported to USDA on a weekly basis.


Juli says: Traders suspect demand to "unknown destinations" is China, as this would go along with rumors the country was back in the market buying U.S. corn this week. Given recent price pressure, more purchases could be coming!

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