Soybean net sales soar 85 percent
According to the USDA's latest U.S. Export report, soybean net sales of 1,015,200 MT were up 85 percent from the previous week and 56 percent from the prior 4-week average.
Increases were primarily for China (489,600 MT, including 110,000 MT switched from unknown destinations and decreases of 61,100 MT), Mexico (113,100 MT), unknown destinations (79,500 MT), Germany (75,800 MT), Saudi Arabia (72,600 MT, including 63,000 MT switched from unknown destinations), and Japan (63,400 MT, including 63,000 MT switched from unknown destinations and decreases of 5,400 MT).
Decreases were reported for Canada (3,100 MT). Net sales of 630,800 MT for delivery in the 2012/2013 marketing year were reported mainly for China (465,000 MT) and unknown destinations (165,000 MT). Optional origin sales for delivery in the 2011/2012 marketing year were for China (55,000 MT).
Soybean exports of 1,076,000 MT were reported primarily to China (605,100 MT), Mexico (78,100 MT), Germany (75,800 MT), Saudi Arabia (72,600 MT), Japan (70,700 MT), and Turkey (53,700 MT). Note: Accumulated exports were adjusted down for the Netherlands (75,800 MT).
Soybean futures closed lower on Wednesday after futures pulled back as traders positioned themselves ahead of Friday’s USDA report. On Friday futures opened 5 to 6 cents higher as outside markets and bullish momentum supported the market despite some concern that the soybean market was technically overbought.