Private exporters reported to USDA export sales of 123,000 MT of soybeans to China during the 2013-14 marketing year, which began Sept. 1.
While fresh demand news is positive, strong Chinese demand is "known" by the market and this sale isn't large enough to support futures this morning. Also, Gulf basis weakened overnight due to the availability of new-crop supplies.
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.