Net sales of 19,300 MT for 2014-2015 were reported for Mexico (10,900 MT), China (5,000 MT), the Philippines (1,800 MT), Vietnam (1,000 MT), and Canada (700 MT). Exports of 659,400 MT were down 8 percent from the previous week and 31 percent from the prior 4-week average.
The primary destinations were China (312,000 MT), Mexico (99,200 MT), Turkey (69,200 MT), Indonesia (52,800 MT), and Malaysia (32,800 MT).
The soy complex also rebounded overnight. Wednesday’s soy breakdown was seemingly triggered by improved moisture prospects for the central U.S. and by widespread profit-taking on previously established longs. However, the old crop situation apparently remains quite tight, so it isn’t terribly surprising to see futures rising again this morning. May soybeans surged 11.0 cents to $14.7325/bushel in predawn Thursday trading, while May soyoil ran up 0.55 cents to 41.40 cents/pound, and May soymeal gained $2.9 to $479.4/ton.
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