Private exporters reported to USDA export sales of 120,000 MT of corn for delivery to unknown destinations during the 2013-14 marketing year, which began Sept. 1.
Fresh demand news is a positive for the market this morning, especially following news that China has rejected another shipment of U.S. corn due to the presence of material from an unapproved GMO variety. Gulf corn basis is also stronger this morning to reflect the boost in demand.
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 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.