Private exporters reported to USDA the following activity:
- Export sales of 120,000 metric tons (MT) of corn for delivery to unknown destinations during the 2012-13 marketing year and;
- Export sales of 120,000 MT of corn for delivery to China during the 2011-12 marketing year and;
- Export sales of 120,000 MT of soybeans for delivery to China during the 2011-12 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 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: It was widely rumored yesterday that China made corn purchases, but the market ignored it as it prepared for USDA's reports. This goes to show that China will buy price breaks!