Private exporters reported to USDA the following activity:
- Export sales of 180,000 MT of soybeans for delivery to China. Of the total 60,000 MT is for delivery during the 2012-13 marketing year and 120,000 MT is for delivery during the 2013-14 marketing year; and
- Optional origin sales of 126,000 MT of soybeans for delivery to China during the 2013-14 marketing year. An optional origin contract provides that the origin of the commodity may be the U.S. or one or more other exporting countries; and
- Export sales of 281,500 MT of soybeans for delivery to unknown destinations during the 2012-13 marketing year.
The marketing year for soybeans 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 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.
Juli says: This is a positive development. First of all, there were no sales cancellations announced. Second, China is buying old-crop U.S. soybeans and looking ahead to 2013-14. Of course, as Brazilian supplies become available, China will switch its focus there, but this also signals U.S. prices have slipped far enough -- as least for now.