Soybean exports drop
The USDA's latest U.S. Export Sales report showed that soybean net sales of 701,800 MT for the 2011/12 marketing year were mainly reported for China (354,100 MT), Mexico (102,000 MT), Saudi Arabia (73,800 MT, including 65,000 MT switched from unknown destinations), Japan (52,800 MT, including 36,000 MT switched from unknown destinations), unknown destinations (41,000 MT), and Tunisia (30,000 MT).
Net sales of 40,000 MT for delivery in 2012/2013 were reported for Mexico. Exports of 325,600 MT were primarily reported to China (121,200 MT), Saudi Arabia (73,800 MT), Japan (40,200 MT), Indonesia (35,900 MT), and Mexico (32,100 MT).
Soybean futures were higher on Wednesday as light short-covering supported the market after futures fell to near one-year lows on Tuesday. On Thursday futures opened 10 to 11 cents higher.
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