Private exporters reported to USDA export sales of 115,000 MT of soybeans to China for the 2013-14 marketing year, which started Sept. 1.
Traders are very use to strong Chinese demand, but this sales announcement follows news that China's Ministry of Commerce has raised its forecast for soybean imports this month to 6.17 MMT.
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 MT or more of one commodity, except 20,000 MT for soybean oil, 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.