Private exporters reported to USDA the following activity:

• Export sales of 120,000 metric tons of soybeans for delivery to China during the 2011/2012 marketing year; and
• Export sales of 120,000 metric tons of soft red winter wheat for delivery to unknown destinations during the 2011/2012 marketing year.

The marketing year for wheat began June 1 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 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: Gulf basis doesn't lie. Yesterday we noted improvement in Gulf soybean and corn basis levels -- signaling fresh demand news was around the corner. Now we'll wait to see if there are fresh corn sales announced this week.

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