USDA: Soybean exports dip a bit

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According to the USDA's latest U.S. Export Sales report, soybean set sales of 594,700 MT for the 2011/2012 marketing year were mainly reported for China (331,000 MT, including 60,000 MT switched from unknown destinations), unknown destinations (83,500 MT), Japan (39,500 MT, including 38,000 MT switched from unknown destinations and decreases of 100 MT), Mexico (27,800 MT), Taiwan (26,800 MT), and Tunisia (26,700 MT).  Exports of 1,168,900 MT were primarily reported to China (798,000 MT), Mexico (122,600 MT), Egypt (87,700 MT), Japan (40,900 MT), and Canada (30,700 MT).

Soybeans closed strongly lower on Wednesday as harvest pressure and uncertainty about export demand are bearish factors. On Thursday futures were called 4 cents lower as bearish momentum continued for soybeans.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 672,392 701,783 -29,391
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 646,072 319,962 319,891
High 2,726,720 2,726,720 2,726,720
Low 8 8 -405,598
 
 
Chart

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