USDA Confirms Large Chinese Corn Purchases

July 12, 2013 03:04 AM

Private exporters reported to USDA export sales of 960,000 MT of corn for delivery to China during the 2013-2014 marketing year, which begins Sept. 1.

The announcement is confirmation of news that floated around the market last week that the country was making large purchases of U.S. corn. This is further evidence of demand rebuilding at lower prices.

U.S. exporters are required to report to the 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. EDT (1900 GMT) the next business day, according to the USDA's Foreign Agricultural Service. Any export sales under these quantities must be reported on a weekly basis.




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