Private exporters reported to USDA export sales of 120,000 metric tons (MT) of soybeans 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 MT 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.
Juli says: This demand news is positive for the market this morning and it explains the improvement in deferred-month Gulf basis seen recently. Traders anticipate the purchase will land in the hands of the Chinese.