Private exporters reported to USDA export sales of 285,000 metric tons (MT) of soybeans for delivery to unknown destinations. Of the total 120,000 MT is for delivery during the 2011-12 marketing year and 165,000 MT is for delivery 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 metric tons or more of one commodity, made in one day or quantities totaling 200,000 tons or more in any reporting period, to one destination, by 3:00 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 business is rumored to be for China, which has been on a bean-buying binge recently. The news is supportive for beans this morning, as traders expect carryover for 2012-13 to be tighter than the current marketing year.