USDA: Soybean net sales up slightly
According to the USDA's latest U.S. Export Sales report, soybean net sales of 604,000 MT for the 2011/2012 marketing year were mainly reported for China (334,700 MT, including 110,000 MT switched from unknown destinations and decreases of 60,400 MT), South Korea (60,000 MT), Mexico (47,500 MT), Japan (47,200 MT, including 45,000 MT switched from unknown destinations and decreases of 500 MT), France (45,500 MT, switched from the United Kingdom), and Egypt (36,000 MT). Decreases were reported for the United Kingdom (60,000 MT) and unknown destinations (13,000 MT).
Net sales of 2,800 MT for delivery in 2012/2013 were reported for Japan. Exports for own account were reported for Canada (54,400 MT). Exports of 1,224,100 MT were primarily reported to China (899,800 MT), Indonesia (146,200 MT), Japan (47,200 MT), France (45,500 MT), Mexico (36,600 MT),and Taiwan (21,400 MT).
Soybean futures traded strongly lower on Wednesday as USDA reports were largely bearish for soybeans other than for a cut in the production estimate to 3.046 billion bushels from the previous forecast at 3.060 billion. On Thursday soybean futures were called 4 to 5 cents higher as spillover support from corn and some short-covering from recent weakness are expected to help prices bounce this morning.