Private exporters reported to USDA export sales of 360,000 MT of soft red winter wheat for delivery to China during the 2013-14 marketing year, which began June 1.
Wheat futures were supported in part overnight by rumors that China was booking U.S. wheat. Confirmation of the business signals U.S. Wheat is at value buying levels and should help the market secure a near-term low.
U.S. exporters are required to report to the 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 3:00 p.m. ET the next business day. Any export sales under these quantities must be reported on a weekly basis.