Private exporters reported to USDA the following activity:
- Export sales of 127,000 MT of corn for delivery to unknown destinations. Of the total 50,800 MT is for delivery during the 2012-13 marketing year and 76,200 MT is for delivery during the 2013-14 marketing year; and
- Export sales of 120,000 MT of soybeans for delivery to China during the 2013-14 marketing year.
The marketing year for corn and 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, made in one day or quantities totaling 200,000 MT or more in any reporting period, 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: The corn sale suggests corn prices are once again competitive on the global market, but it will take continued demand news to help lift corn futures as traders believe it will take ongoing "lower prices" to rebuild demand... hence the saying "short crop, long tail."