Private exporters reported to USDA cancellations of export sales of 540,000 MT of soybeans to China 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 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.
Juli says: This news is in addition to sales cancellations of 300,000 MT of soybeans to China and sales cancellations of 120,000 MT of soybeans to unknown destinations during the 2012-13 marketing year reported earlier this week. China is either planning to rebook sales at lower levels, or more likely, waiting on Brazilian supplies to become available.