USDA: Soybean net sales dip

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According to the USDA's latest U.S. Export Report released on Thursday morning, soybean net sales of 489,600 MT for the 2011/2012 marketing year resulted as increases for China (534,600 MT, including 282,500 MT switched from unknown destinations and decreases of 63,500 MT), Germany (81,000 MT, including 70,000 MT switched from unknown destinations), Indonesia (61,900 MT), Egypt (60,000 MT), Japan (49,100 MT, including 18,000 MT switched from unknown destinations), and Taiwan (35,600 MT), were partially offset by decreases for unknown destinations (370,500 MT) and Canada (6,100 MT).
Exports of 1,217,100 MT were primarily reported to China (893,500 MT), Germany (81,000 MT), Thailand (69,400 MT), Japan (56,500 MT), Canada (28,300 MT), and Mexico (24,700 MT).  Exports for own account were reported for Canada (2,500 MT).

Soybean futures closed higher on Wednesday as strength in equity markets and weakness in the dollar helped push soybean futures higher. On Thursday soybean futures were called 7 to 8 cents higher.

  Sales 489,562 921,632 -432,070
Average 620,104 435,025 352,958
High 1,033,469 2,726,720 2,726,720
Low 209,702 8 -405,598

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