Soybean net sales take a dip
According to the USDA's latest U.S. Export Sales report, soybean net sales of 609,700 MT were down 40 percent from last week and 19 percent from the 4-week average.
Increases were primarily for China (368,200 MT, including 60,000 MT switched from Indonesia and decreases of 172,800 MT), Mexico (80,200 MT), the Netherlands (75,400 MT, including 70,000 MT switched from unknown destinations), Japan (66,400 MT, including 28,500 MT switched from unknown destinations), Malaysia (30,400 MT, including 24,000 MT switched from unknown destinations), and Taiwan (22,900 MT).
Decreases were reported for unknown destinations (64,500 MT) and Vietnam (10,800 MT). Net sales of 784,000 MT for delivery in the 2012/2013 marketing year were reported for China (669,000 MT) and unknown destinations (115,000 MT). Exports of 710,000 MT were reported primarily to China (405,300 MT), Egypt (79,500 MT), the Netherlands (75,400 MT), Japan (35,700 MT), Malaysia (31,400 MT), and Indonesia (25,200 MT).
Soybean futures were mostly higher on Wednesday as the market was supported by soybean/corn spreading and concern about tight old-crop stocks. On Thursday futures opened 11 to 12 cents higher as the nearby May contract pushed to a new high for the move overnight.