Private exporters reported to USDA export sales of 120,000 MT of soft red winter wheat to China during the 2013-14 marketing year. The marketing year for wheat began June 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, 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.
Meghan says: There has also been talk Brazil is shopping for U.S. HRW wheat due to the shortfall in Argentina's crop. The market also received confirmation of a Chinese Australian standard wheat buy, totalling 600,000 MT today. This surge of demand news could lift the wheat market ahead of the weekend.