Private exporters reported to USDA the following activity:
- Export sales of 285,000 metric tons (MT) of soybeans to China. Of the total 175,000 MT is for delivery during the 2011-12 marketing year and 110,000 MT is for delivery during the 2012-13 marketing year; and
- Optional origin sales of 120,000 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 United States or one or more other countries.
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 MT 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 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: February was a STRONG month for soybean demand. China increased sales dramatically as prices show it. While wheat futures posted a traditional "February break," corn was choppy and soybeans surged.