Private exporters reported to USDA export sales of 250,000 MT of soybeans to China during the 2013-14 marketing year, which began Sept. 1.
This daily sale is on top of higher-than-expected weekly export sales for the week ended Oct. 31, to show China's appetite for U.S. soybeans remains strong. The improved demand pace, however, is expected to have limited impact on the market as traders focus on evening ahead of tomorrow's USDA reports.
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 MT 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.