Soybean exports continue to drop

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According to the USDA's latest U.S. Export Sale report, soybean net sales of 227,600 MT for the 2011/2012 marketing year resulted as increases for Mexico (96,900 MT), China (91,800 MT), Portugal (66,500 MT, including 65,000 MT switched from unknown destinations), Taiwan (27,000 MT), Japan (23,400 MT), and Canada (6,900 MT), were partially offset by decreases for unknown destinations (87,000 MT).  

Net Sales of 27,000 MT for delivery in 2012/2013 were reported for Japan.  Exports for own account were reported for Canada (54,100 MT).  Exports of 1,141,100 MT were primarily reported to China (831,400 MT), Mexico (176,800 MT), Portugal (66,500 MT), Taiwan (25,300 MT), and Japan (14,700 MT).

Soybean futures closed  closed lower on Wednesday as strength in the dollar index and weakness in crude oil futures weighed on the market.On Thursday soybeans opened 21 to 22 cents higher.


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