Private exporters reported to USDA the following activity:
- Export sales of 360,000 MT of corn for delivery to China during the 2013-14 marketing year; and
- Export sales of 180,000 MT of corn for delivery to unknown destinations during the 2013-14 marketing year.
The stepped up purchases of new-crop corn suggest prices have returned to levels that are rebuilding demand. This is a supportive for factor for new-crop corn futures this morning.
The marketing year for corn began Sept. 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 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.