Private exporters reported to USDA the cancellation of 147,000 MT of soybeans for delivery to China during the 2012-2013 marketing year, which will end Sept. 1.
Gulf soybean basis softened by 5 cents for immediate delivery this morning to stand 80 cents above July futures. But while Chinese demand for U.S. beans has tapered off for 2012-crop supplies, they have recently stepped up their purchases for 2013-crop supplies.
U.S. exporters are required to report to the 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 to one destination, by 3:00 p.m. ET the next business day, according to the USDA's Foreign Agricultural Service. Any export sales under these quantities must be reported on a weekly basis.