Soybean exports plunge
In its latest U.S. Export Sales update, the USDA reported soybean net sales of 351,900 MT for the 2011/2012 marketing year.
These sales were mainly reported for Mexico (161, 200 MT), China (112,700 MT, including 115,000 MT switched from unknown destinations and decreases of 301,300 MT), Costa Rica (47,500 MT), Tunisia (27,000 MT), Vietnam (23,800 MT), and Cuba (16,000 MT).
Decreases were reported for unknown destinations (64,000 MT). Exports of 303,400 MT were primarily reported to China (239,700 MT), Mexico (20,600 MT), Taiwan (17,200 MT), Indonesia (17,100 MT), and Japan (3,400 MT).
Soybean futures closed lower on Wednesday as the market was pressured by technically selling, having declined six out of the past seven trading sessions. On Thursday soybean futures were called 4 to 5 cents lower.
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