Private exporters reported to USDA export sales of 165,000 MT of soybeans to China for 2013-14, which begins Sept. 1.
While not a large sale, this fresh demand news signals new-crop soybean prices are attracting a steady stream of demand, which is positive for the market.
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 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.