Private exporters reported to USDA the following activity:
- Export sales of 900,000 metric tons (MT) of corn for delivery to China for delivery during the 2011-12 marketing year; an
- Export sales of 292,110 MT of corn for delivery to unknown destinations for delivery during the 2011-12 marketing year; and
- Export sales of 110,000 MT of soybeans for delivery to unknown destinations for delivery during the 2011-12 marketing year.
The marketing year for corn and soybeans began Sept. 1.
Juli says: This news was largely known by the market, but seeing the actual totals should remind traders that current prices are spurring demand -- and it's big business. Grain futures softened overnight on dollar strength and spillover from yesterday's USDA reports in which USDA raised corn carryover more than expected -- but still represents a tight situation.