Private exporters reported to USDA the following activity:
- Export sales of 183,000 MT of soybeans to unknown destinations during the 2014-15 marketing year; and
- Export sales of 119,888 MT of corn to unknown destinations during the 2013-14 marketing year.
The corn business should help to stabilize futures this morning, especially after limited price action overnight. Traders suspect the new-crop soybean business is for China, which sets that marketing year off on solid footing.
The marketing year for corn and soybeans begins 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 MT or more of one commodity, made in one day or quantities totaling 200,000 MT 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.