Private exporters reported to USDA the following activity:
- Export sales of 225,000 metric tons (MT) of soybeans for delivery to China. Of the total, 60,000 MT is for delivery during the 2011-12 marketing year and 165,000 MT is for delivery during the 2012-13 marketing year; and
- Export sales of 40,000 MT of soybean oil for delivery to unknown destinations during the 2012-13 marketing year.
The marketing year for soybeans began on Sept. 1; 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.
Juli says: It will be key for soybeans to react positively to this news today. Because if the market ignores the news, it will strongly suggest the strong demand is already priced in.