Private exporters reported to USDA export sales of 120,000 MT of corn for delivery to unknown destinations during the 2013-14 marketing year, which began Sept. 1.
In the latest weekly export sales report, several locations were noted for having purchases switched from unknown, including Japan, China, Venezuela and Guatemala. This sale could to be any of those locations, or of course, to another buyer. Bottom line is the export pace has improved and this daily sale should help limit pressure on corn futures this morning.
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 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.