Soybean net sales up 95 percent from monthly average
According to the USDA's latest Export Sales report, soybean net sales of 991,100 MT for the 2011/2012 marketing year were up noticeably from the previous week and 95 percent from the prior 4-week average.
Increases were primarily for China (367,500 MT, including 225,000 MT switched from unknown destinations and decreases of 70,100 MT), unknown destinations (336,500 MT), Indonesia (153,800 MT, including 44,000 MT switched from unknown destinations), Mexico (58,000 MT), Egypt (55,500 MT), and the Netherlands (24,000 MT, switched from unknown destinations). Exports of 1,078,500 MT were reported primarily to China (777,500 MT), Indonesia (73,000 MT), Mexico (57,300 MT), Egypt (55,500 MT), Japan (42,400 MT), and Taiwan (24,100 MT).
Soybean futures closed higher on Thursday as reports of fresh demand from China of 10 to 12 cargoes of U.S. soybeans helped support the market. On Friday soybean opened 3 to 4 cents lower and were trading lower at midday.