Soybean exports plummet 70% to new low

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According to the USDA's latest U.S. Export Sales report, soybean net sales of 240,700 MT were down 70 percent from last week and 61 percent from the 4-week average.  This sets a new low for the year.

Increases were primarily for unknown destinations (60,000 MT), China (57,600 MT), Thailand (30,300 MT), Taiwan (29,100 MT), Mexico (23,800 MT), and Indonesia (14,700 MT).  Decreases were reported for Malaysia (3,100 MT).  Net sales of 178,000 MT for delivery in the 2012/2013 marketing year were primarily for China (115,000 MT), Mexico (37,500 MT), and South Korea (20,000 MT).  Exports of 308,400 MT were reported primarily to China (128,900 MT), Mexico (54,000 MT), Taiwan (27,600 MT), Tunisia (27,000 MT), Indonesia (26,000 MT), and Costa Rica (13,200 MT).

Soybean futures tumbled 22 to 23 cents lower on Thursday as rain moves across the Midwest and the South. On Friday futures opened 9 to 11 cents lower on news that an economic slowdown in China may be longer than anticipated.

  Sales 240,699 800,126 -559,427
Average 536,097 578,389 585,264
High 926,225 1,159,407 1,159,407
Low 240,699 240,699 240,699

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