China's Appetite for U.S. Beans Remains Strong

August 7, 2013 03:05 AM



Private exporters reported to USDA export sales of 220,000 MT of soybeans to China during the 2013-14 marketing year, which begins Sept. 1. This purchase follows yesterday's announcement of 110,000 MT to China to signal current prices are attracting fresh demand. This is supportive for the market, although focus is on crop size and what traders perceive as ideal weather for pod-filling.

USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to the 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 the USDA on a weekly basis.

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