Private exporters reported to USDA the following activity:
- Optional origin sales of 240,000 metric tons (MT) of corn for delivery to Mexico during the 2012-13 marketing year. An optional origin contract provides that the origin of the commodity may be the U.S. or one or more other countries; and
- Export sales of 120,000 MT of soybeans for delivery to unknown destinations during the 2012-13 marketing year; and
- Export sales of 116,000 MT of corn for delivery to South Korea during the 2012-13 marketing year.
The marketing year for corn and soybeans began Sept. 1. 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 metric tons or more of one commodity, made in one day to one destination, by 3:00 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.
Juli says: A contant dose of fresh demand news was given to the corn and soybean markets this week -- some for the old crop and some for the new crop. This provides traders' confidence demand will continue to be strong but also shows the need for price rationing.