Private exporters reported to USDA export sales of 300,000 MT of corn to China and 240,000 MT to an unknown destination for 2013-14. The marketing year for corn began Sept. 1.
Traders suspect the unknown destination is also China. These sales -- even though they are for the upcoming marketing year -- should remind traders that given the prospect for a recovery in crop size from last year and the likelihood of lower prices in the 2013-14 marketing year, demand will start to come back.
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.