Private exporters reported to USDA export sales of 480,000 MT of soft red winter wheat to China during the 2013-14 marketing year. The marketing year for wheat begins June 1.
This sale was largely factored into the market last week, with trade sources saying they expected more sales announcements to be made this week.
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.