Private exporters reported to USDA export sales of 115,000 MT of soybeans to China during the 2013-14 marketing year. The marketing year for soybeans began Sept. 1.
The sale comes on top of sales of 838,900 MT for 2013-14 for the week ended May 16. The increase in demand for new-crop soybeans is encouraging, as it reflects strong demand at current prices.
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, except 20,000 tons for soybean oil, 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.