USDA: Soybean sales reach new high
The USDA's latest U.S. Export Sales report, released on Feb. 24, showed that soybean net sales of 1,159,400 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average.
Increases were primarily for China (521,100 MT), the Netherlands (147,500 MT, including 140,000 MT switched from unknown destinations), Germany (132,100 MT), Egypt (74,200 MT), Japan (65,700 MT, including 19,500 MT switched from unknown destinations), and Turkey (50,000 MT).
Decreases were reported for Vietnam (7,400 MT). Net sales of 2,873,000 MT for delivery in the 2012/2013 marketing year were reported for China (2,805,000 MT) and unknown destinations (68,000 MT). Exports of 1,207,400 MT were reported primarily to China (676,700 MT), the Netherlands (147,500 MT), Germany (132,100 MT), Mexico (75,700 MT), Japan (54,600 MT), and Russia (30,300 MT).
Soybean futures closed higher on Thursday as the market was supported by recent export business with China, ideas that a smaller South American crop will boost U.S. export sales and weakness in the dollar index. On Friday futures opened 1 to 2 cents lower.
NOTE: Accumulated exports were adjusted down for the Netherlands (132,100 MT).
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