Private exporters reported to USDA the following activity:
- Export sales of 420,000 metric tons (MT) of corn to unknown destinations during the 2012-13 marketing year; and
- Export sales of 262,500 MT of corn for delivery to China. Of the total 90,000 MT is for delivery during the 2011-12 marketing year and 172,500 MT is for delivery during the 2012-13 marketing year.
The marketing year for corn 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 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: Keep in mind that this business follows yesterday's news of a 480,000 MT corn sale to an unknown destination during 2011-12. This is big business for the corn market and strongly suggests corn is a "value buy." Should support the market this morning.