Private exporters reported to USDA export sales of 252,000 MT of soybeans for delivery to China during the 2013-14 marketing year. The marketing year for soybeans began Sept. 1.
This is positive news for new-crop soybean futures, although Brazil's current shipping season will have a long tail given its large crop and ongoing shipping delays. But the sale provides a reminder that China will continue to have a strong appetite for soybeans -- especially U.S. soybeans given our reputation to deliver a quality product.
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.