Private exporters reported to USDA export sales cancellations of 245,000 MT of soybeans to China during the 2013-14 marketing year, which began Sept. 1.
The news is expected to weigh on soybean futures as traders believe it signals China has turned its attention to Brazilian supplies. However, with shipping delays ongoing at Brazil's ports, Chinese soybean cancellations of U.S. supplies may not be as great as traders fear.
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, made in one day or quantities totaling 200,000 MT or more in any reporting period, 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.