Private exporters reported to USDA the following activity:
- Export sales of 510,000 MT of soybeans to China during the 2013-14 marketing year; and
- Export sales of 113,000 MT of soybeans to unknown destinations during the 2013-14 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, except 20,000 tons for soybean oil, made in one day 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: Wow... China's appetite for soybeans as we know is strong, but large sales like this still impress me. New-crop soybean futures have moved well off session lows on the news.