USDA: Soybean sales down 34 percent
According to the USDA's latest U.S. Export Sales report, soybean net sales of 308,400 MT for the 2011/2012 marketing year were down 34 percent from the previous week and 43 percent from the prior 4-week average.
Increases were primarily for China (246,100 MT, including 116,600 MT switched from unknown destinations and decreases of 72,800 MT), the Netherlands (139,000 MT, including 140,000 MT switched from unknown destinations and decreases of 6,300 MT), South Korea (52,800 MT, including 25,000 MT switched from unknown destinations), Japan (44,200 MT, including 9,000 MT switched from unknown destinations), Venezuela (12,000 MT), and Mexico (8,700 MT).
Decreases were reported for unknown destinations (208,100 MT). Net sales of 60,000 MT for delivery in 2012/2013 marketing year were reported for unknown destinations. Exports of 1,169,600 MT were reported primarily to China (726,900 MT, including late reporting of 58,300 MT), the Netherlands (139,000 MT), South Korea (83,800 MT), Egypt (47,500 MT), Indonesia (40,700 MT), and Japan (40,400 MT).
Soybean futures closed higher on Wednesday as the market was supported by a report from USDA that China purchased 4.4 million bushels of U.S. soybeans. On Thursday futures opened 8 to 9 cents lower as profit-taking from recent gains weighed on the market.