Private exporters reported to USDA export sales of 290,000 MT of soybeans for delivery to China. Of the total, 230,000 MT is for delivery during the 2013-14 marketing year and 60,000 MT is for 2014-15.
The recent strong buying pace from China stops rumors the country was canceling purchases and reflects their strong need for soybeans ahead of the South American harvest.
Exporters are required to report to 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. 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.