Private exporters reported to USDA the following activity:
- Export sales of 211,500 MT of corn to Japan. Of the total, 47,000 MT is for delivery during the 2013-14 marketing year and 164,500 MT is for delivery during the 2014-15 marketing year; and
- Export sales of 140,000 NT of corn to South Korea during the 2013-14 marketing year.
Corn futures were higher overnight on concerns that political tensions between Ukraine and Russia could interfere with trade from the Black Sea region, which if realized, would boost demand for U.S. feedgrains. This fresh demand news this morning signals U.S. prices are still stimulating demand, which is supportive for the market this morning.
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 3:00 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.