USDA: Soybean net sales higher
The USDA's latest U.S. Export Sales report showed soybean net sales of 770,400 MT for the 2011/2012 marketing year resulted as increases for China (551,100 MT, including 55,000 MT switched from unknown destinations and decreases of 57,900 MT), Germany (76,400 MT, including 70,000 MT switched from unknown destinations), Mexico (76,400 MT), Turkey (55,000 MT), Japan (40,500 MT, including 9,000 MT switched from unknown destinations and decreases of 300 MT), and Taiwan (26,000 MT), were partially offset by decreases for unknown destinations (74,500 MT), Egypt (14,800 MT), and the Dominican Republic (6,000 MT).
Net sales of 25,200 MT for delivery in 2012/2013 were for Japan. Exports of 846,600 MT were primarily reported to China (612,100 MT), Germany (76,400 MT), Egypt (45,200 MT), Mexico (33,600 MT), Taiwan (30,400 MT), and Malaysia (13,400 MT).
Soybean futures were called 2 to 3 cents lower as the market was pressured by outside markets and some fund selling ahead of the USDA reports and European leaders meeting on Friday.
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