USDA: Soybean sales soar

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According to the USDA's latest U.S. Export Sales report, soybean net sales of 603,200 MT for the 2011/2012 marketing year were up 96 percent from the previous week and 10 percent from the prior 4-week average.  

Increases were primarily for China (338,000 MT), unknown destinations (146,000 MT), Japan (55,200 MT, including 28,000 MT switched from unknown destinations and decreases of 9,500 MT), Taiwan (19,400 MT), Thailand (13,400 MT), and Vietnam (11,300 MT).  Decreases were reported for Ireland (3,900 MT).  Net sales of 55,000 MT for delivery in the 2012/2013 marketing year were reported for China (55,500 MT).  Decreases were reported for Japan (500 MT).  Exports of 1,023,300 MT were reported primarily to China (785,500 MT), Taiwan (77,200 MT), Japan (45,500 MT), Mexico (30,500 MT), Tunisia (21,800 MT), and Egypt (20,300 MT).

Soybean futures closed lower on Wednesday. On Thursday futures opened steady as the USDA reports this morning were bearish.

  Sales 603,239 308,430 294,809
Average 563,924 588,643 560,571
High 991,071 2,726,720 991,071
Low 281,289 8 308,430

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