Soybeans (P) March 2012 (SH12)

Soybeans are currently trading higher on both old and new crop. Futures are still above the 100 day moving average on old crop but below the average on new crop. Soybean meal and oil are also higher. The aggressive Chinese import campaign is having the desired effect on their domestic prices, but also may be slowing current export purchases. China sold 188,412 MT of soybeans from the state reserves to add beans to the pipeline. Weekly export sales in the U.S. were near the range of trade estimates of 1.0-1.3 MMT range coming in at 953,700 MT for combined marketing years. USDA put sales at 800,100 MT for 2011/12 marketing year and 153,600MT for 2012/13 marketing year. USDA reported soybean meal sales this week of 144,600 MT for 2011/12 and net sales of 32,000 MT for 2012/13. Production losses in Argentina have helped U.S. soybean meal exports.

Jul 12 Soybeans are at $13.83 1/4, up 20 3/4 cents,
Aug 12 Soybeans are at $13.63 3/4, up 21 1/4 cents,
Sep 12 Soybeans are at $13.16 3/4, up 21 3/4 cents,
Nov 12 Soybeans are at $12.82 1/4, up 24 1/2 cents,
Jul 12 Soybean Meal is at $412.80, up $7.00,
Jul 12 Soybean Oil is at $49.46, up $0.55