Private exporters reported to USDA export sales of 240,000 MT of soybeans for delivery to China during the 2013-14 marketing year. The 2013-14 marketing year for soybeans will begin Sept. 1.
The news is supportive for new-crop soybean futures this morning as it reminds traders' of China's large appetite for soybeans.
U.S. exporters are required to report to the 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 3:00 p.m. ET the next business day. Any export sales under these quantities must be reported on a weekly basis.