Soybean net sales down slightly
The USDA's latest U.S. Export Sales report showed soybean net sales of 209,700 MT for the 2011/2012 marketing year resulted as increases for China (217,700 MT, including 180,000 MT switched from unknown destinations and decreases of 8,400 MT), Thailand (60,500 MT), Egypt (49,500 MT, including 45,000 MT switched from China), Japan (48,500 MT, including 45,000 MT switched from unknown destinations), Mexico (29,300 MT), and Tunisia (27,000 MT), were partially offset by decreases for unknown destinations (225,000 MT) and the Netherlands (60,000 MT). Exports of 1,199,300 MT were primarily reported to China (905,400 MT), Mexico (54,800 MT), Egypt (49,500 MT), Japan (48,300 MT), Canada (31,800 MT), and Taiwan (24,900 MT).
Soybean futures closed slightly higher on Wednesday in thin trading volume - futures found support from weaknesses in the dollar index and strength in crude oil futures and equaity markets. On Thursday futures opened 22 to 24 cents high as outside markets supported the futures trade.