USDA: No new soybean sales this week
In their latest U.S. Export Sales report released on Sept. 1, the USDA reported no new sales during the week.
Net sales of 593,800 MT for delivery in 2011/2012 were mainly reported for China (257,000 MT), unknown destinations (140,000 MT), Mexico (75,800 MT), Costa Rica (38,000 MT), and Indonesia (36,000 MT). Exports of 235,600 MT were down 17 percent from the previous week, but up 15 percent from the prior 4-week average.
The destinations were primarily to China (124,400 MT), Japan (37,900 MT), Indonesia (20,500 MT), Mexico (17,600 MT), and Egypt (10,000 MT).
Soybean futures closed slightly higher on Wednesday. Gains were limited by profit-taking after hitting the highest spot price in nearly three years. But futures held small gains on declining yield prospects and more dry weather in the Midwest this week. On Thursday futures opened 12 to 13 cents lower. Some further profit-taking was noted overnight from the recent rally that pushed soybean futures to new highs. Outside markets are helping to weigh on the market.