USDA: Soybean sales soar this week
According to the latest U.S. Export Sales report, soybean net sales of 926,200 MT were up noticeably from last week and from the 4-week average.
Increases were primarily for China (603,800 MT, including 60,000 MT switched from unknown destinations and decreases of 2,000 MT), unknown destinations (136,500 MT), Mexico (100,800 MT), Japan (40,000 MT), and Taiwan (16,300 MT). Net sales of 483,000 MT for delivery in the 2012/2013 marketing year were primarily for China (365,000 MT) and unknown destinations (115,000 MT). Exports of 346,600 MT were reported primarily to China (185,700 MT), Egypt (65,600 MT), Mexico (51,000 MT), Taiwan (11,400 MT), Indonesia (7,400 MT), and Cuba (7,200 MT).
NOTE: Accumulated exports were adjusted down for China (61,100 MT).
Optional Origin Sales: For MY 2011/2012, no new soybean optional origin sales. Options were exercised to export to China (55,000 MT) from other than the United States. Optional origin sales decreases were reported for China (55,000 MT).
Soybean futures closed higher on Wednesday as worries about South American production and rumors of more Chinese buying rallied prices. On Thursday futures opened steady to lower.