Private exporters reported to USDA export sales of 125,000 MT of corn to South Korea during the 2013-14 marketing year., which began Sept. 1.
The daily sales announcement follows a weekly sales tally that met traders' expectations, but this daily sale reminds the market that corn is still a relative value buy, which is supportive for old-crop futures.
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 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.