Private exporters reported to USDA export sales of 172,500 MT of soybeans to unknown destinations for 2013-14, which begins Sept. 1.
Traders expect the purchase to eventually be switched to China, although that remains to be seen. The sale also contributed to a strong start to the new marketing year for soybean sales and is supportive for new-crop futures.
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.