Soybean net sales climb 32 percent
According to the USDA's U.S. Export Sales report, soybean net sales of 471,900 MT were up 32 percent from the previous week, but down 25 percent from the prior 4-week average.
Increases were primarily for China (209,900 MT, including 65,000 MT switched from unknown destinations), Mexico (128,100 MT), Japan (63,100 MT, including 9,000 MT switched from unknown destinations and decreases of 1,700 MT), Canada (40,800 MT), Indonesia (32,600 MT), and Tunisia (29,000 MT). Decreases were reported for unknown destinations (54,000 MT) and Thailand (5,000 MT).
Net sales of 120,400 MT for delivery in the 2012/2013 marketing year were mainly for unknown destinations (60,000 MT) and China (55,000 MT). Exports of 561,400 MT were reported primarily to China (372,100 MT), Japan (63,900 MT), Mexico (50,800 MT), South Korea (26,300 MT), Cuba (11,400 MT), and Taiwan (10,900 MT).
Soybean futures settled lower on Wednesday after soybean prices showed gains for most of the trading session. Selling intensified over the last hour of Wednesday's session and prices set their lows for the day. On Thursday futures opened 1 to 4 cents higher.