Private exporters reported to USDA export sales of 420,000 metric tons (MT) of soybeans for delivery to China during the 2011-12 marketing year. The marketing year for 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 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: This news was factored into the market on Tuesday and traders "sold the fact" yesterday as a Chinese importers said the sale was for 500,000 to 600,000 MT combined.