June 18, 2004

 

 

US Soybean Exports Increase

 

Analysts keep expecting U.S. soybean exports to dry up. But that did not happen last week, according to the weekly USDA export sales report.

 

Projecting a net decrease of 25,000 to 75,000 tons for the week, analysts were surprised by the actual total of a net increase of 96,700 tons.

 

The increases resulted from new sales to Japan, South Korea and Taiwan, offset by decreases for unknown and Costa Rica.

 

In morning futures trade, nearby soybeans opened sharply higher, settling back to up a few cents by mid-morning.