USDA: Soybean exports up 1%
The USDA's latest U.S. Export Sales report, released on September 9, showed soybean net sales of 444,900 MT for the 2011/12 marketing year (which began Sept. 1).
These sales were primarily for China (192,200 MT), Egypt (80,000 MT), unknown destination (49,400 MT), Mexico (35,600 MT), and Taiwan (34,100 MT). A total of 2,281,900 MT in sales were outstanding on August 31 (the end of the 2010/11 marketing year) and carried over to the 2011/12 marketing year. Exports of 239,700 MT were reported for August 26-31.
The primary destinations were China (93,400 MT), Mexico (66,300 MT), Syria (24,100 MT), and Indonesia (19,400 MT). Accumulated exports for the 2010/11 marketing year were 39,993,100 MT, up 1 percent from the prior year’s total of 39,642,200 MT. Exports of 42,400 MT were reported for September 1. The primary destinations were Mexico (23,000 MT), Costa Rica (12,000 MT), Indonesia (3,700 MT), and China (2,900 MT).
Soybean futures closed lower on Thursday as the market was pressured by long liquidation and profit-taking ahead of a jobs speech from President Obama. On Friday soybean futures were called 4 to 6 cents higher.Support stems from expectations for a cut in U.S. soybean production and ending stocks in Monday’s USDA report.
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