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 begins Sept. 1.
The sales provides traders with another reminder that new-crop corn prices are rebuilding demand, and should help to limit downside risk past the $5.0 level in new-crop futures unless crop expectations rise.
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.