Private exporters reported to USDA export sales of 116,000 MT of soybeans to unknown destinations during the 2013-14 marketing year. The marketing year for soybeans began Sept. 1.
On Monday, USDA announced China purchased 174,000 MT of new-crop soybeans and yesterday a 392,000-MT purchase was announced. Traders suspect today's purchase is also to China, although other destinations have made purchases under the title of "unknown." Regardless, demand for new-crop soybeans has certainly picked up recently.
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.