Private exporters reported to USDA the following activity:
- Export sales of 465,500 MT of soybeans for delivery to China. Of the total, 60,000 MT is for delivery during the 2013-14 marketing year and 405,500 MT is for delivery during the 2014-15 marketing year; and
- Export sales cancellations of 126,000 MT of corn for delivery to unknown destinations during the 2013-14 marketing.
This morning's weekly export sales report showed corn and soybean sales above expectations, but this morning's corn sales cancellations is concerning to the market as traders believe it is China due to the ongoing issues surrounding the detection of unapproved GMO material in shipments of corn and DDGs. But the ongoing strong demand by China for U.S. soybeans is supportive, as traders thought by now, the country would begin canceling U.S. sales shipments as South American supplies will soon be available.
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 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.