Private exporters reported to USDA the following activity:
- Export sales of 120,000 metric tons of corn for delivery to China during the 2011-12 marketing year; and
- Export sales of 110,744 metric tons of corn for delivery to unknown destinations during the 2011-12 marketing year.
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 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: This is supportive news for the market this morning. But focus is expected to be on USDA's baseline projections, which signal their expectations for corn acres to be higher than last year at 94 million planted.