Private exporters reported to USDA export sales of 141,200 MT of corn to unknown destinations for 2013-14, which began Sept. 1. The sale signals U.S. corn is still a value buy, which should provide traders with some confidence that prices have not yet risen too high on the recent price correction.
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, 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.