Soybeans (P) March 2012 (SH12)

Soybeans are currently trading 14 3/4 cents higher. Old crop prices were lower yesterday but did firm in the overnight action. Futures are still above the 100 day moving average. The aggressive Chinese import campaign is having the desired effect on their domestic prices, but also may be slowing current export purchases. Soybeans at the Dalian were up 16 cents. Trade ideas for weekly export sales are in the 1.0-1.3 MMT range. USDA put the actual weekly export sales at 800,100 MT for 2011/12 marketing year and 153,600MT for 2012/13 marketing year. Meal sales commitments have been much stronger than last year since the Argentine drought losses became apparent this spring. USDA reported sales this week of 144,600 MT for 2011/12 and net sales of 32,000 MT for 2012/13.