Flash Sales to China have become an almost daily occurrence and, combined with less than ideal finishing weather including devastating August storms, the contraction of supply expectations and robust export demand are driving short-covering in wheat, corn, and soybeans. Here is today’s announcement:
Private Exporters Report Sales Activity for China and Unknown Destinations
WASHINGTON, August 27, 2020–Private exporters reported to the U.S. Department of Agriculture the following activity:
–Export sales of 747,000 metric tons of corn for delivery to China during the 2020/2021 marketing year; and
–Export sales of 140,000 metric tons of corn for delivery to unknown destinations during the 2020/2021 marketing year.
The marketing year for corn began 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 tons or more of one commodity, made in one day or quantities totaling 200,000 tons or more in any reporting period, except 20,000 tons for soybean oil, made in one day to one destination or quantities totaling 40,000 tons or more in any reporting period, 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.
For further information, contact the Export Sales Reporting Staff at (202) 720-9209.