USDA has issued a correction to an export sale announced yesterday of 20,000 MT of soyoil to an unknown destinations during the 2012-13 marketing year. The correction is the sale is of optional origin. The announcement should read:
Private exporters reported to USDA optional origin sales of 20,000 MT of soybean oil for delivery to unknown destinations during the 2012-13 marketing year. An optional origin contract provides that the origin of the commodity may be the U.S. or one or more other countries. The marketing year for soybean oil began Oct. 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, except 20,000 tons 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.