Soybean net sales dip
According to the USDA's latest U.S. Export Sales report, soybean net sales of 436,700 MT for the 2011/2012 marketing year were down 28 percent from last week and 26 percent from the 4-week average.
Increases were primarily for China (206,900 MT, including 65,000 MT switched from unknown destinations and decreases of 5,400 MT), Indonesia (80,500 MT, including 70,000 MT switched from unknown destinations), Egypt (71,500 MT), the Netherlands (68,400 MT, switched from unknown destinations), Mexico (43,700 MT), and Turkey (30,000 MT). Decreases were reported for unknown destinations (166,500 MT).
Net sales of 178,000 MT for delivery in the 2012/2013 marketing year were reported for unknown destinations (175,000 MT) and Japan (3,000 MT). Exports of 1,002,100 MT were reported primarily to China (717,100 MT), Indonesia (87,900 MT), the Netherlands (68,400 MT), Mexico (47,000 MT), Japan (22,000 MT), and Venezuela (12,000 MT).
Soybean futures closed higher on Wednesday as recent export business with China and ideas that a Chinese delegation visiting Iowa will announce more export business supported the market. On Thursday futures opened 6 to 7 cents lower.