Private exporters reported to USDA export sales of 900,000 metric tons (MT) of corn for delivery to China. Of the total, 180,000 MT is for delivery during the 2011-12 marketing year and 720,000 MT is for delivery during the 2012-13 marketing year. Note that all of the 2011-12 sales and 480,000 MT of the 2012-13 sales were previously reported as unknown destinations. The marketing year for corn 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 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: This news should help temper selling in the corn market, although traders are noting that much of this business is already factored into prices as the previously announced "unknown" sale was thought to be for China.