Private exporters reported to USDA the following activity:
- Cancellations of export sales of 110,000 metric tons of soft red winter wheat to Egypt during the 2013-14 marketing year; and
- Export sales of 568,000 metric tons of soybeans to unknown destinations during the 2013-14 marketing year.
This news tells us two things: U.S. wheat prices are not competitive on the global market as Egypt is known as a value buyer and that China prefers U.S. soybeans.
The marketing year for wheat began June 1 and soybeans 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.