USDA: Soybean sales drop 42 percent
According to the USDA's latest U.S. Export Sales report, soybean net sales of 356,700 MT were down 42 percent from last week and 56 percent from the prior 4-week average. Increases were primarily for unknown destinations (103,500 MT), Mexico (83,500 MT), Egypt (70,500 MT), China (62,400 MT), Indonesia (21,100 MT), and Venezuela (12,000 MT). Decreases were reported for Japan (5,900 MT) and Vietnam (1,000 MT).
Net sales of 176,100 MT for delivery in the 2012/2013 marketing year were mainly for China (176,000 MT) and Japan (4,400 MT). Decreases were reported for unknown destinations (4,500 MT). Exports of 610,100 MT were reported primarily to China (317,500 MT), Egypt (84,600 MT), Indonesia (80,900 MT), Turkey (30,600 MT), Mexico (27,600 MT), and Taiwan (19,100 MT).
Soybean futures were solidly higher on Wednesday; the market was able to rebound from the losses posted earlier this week.On Thursday futures were called 5 to 6 cents lower as strength in the dollar, weakness in Dow Jones futures and short-term bearish momentum is weighing on the market.
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