Soybean net sales plunge 53 percent

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According to the USDA's latest U.S. Export report, soybean net sales of 549,100 MT were down 53 percent from last week and 8 percent from the prior 4-week average.  Increases were primarily for China (248,200 MT), Mexico (88,000 MT), unknown destinations (64,500 MT), Egypt (50,200 MT), Indonesia (27,200 MT), and South Korea (25,300 MT, including 25,000 MT switched from unknown destinations).  

Decreases were reported for Spain (2,000 MT).  Net sales of 427,300 MT for delivery in the 2012/2013 marketing year were reported mainly for China (425,000 MT).  Exports of 979,800 MT were reported primarily to China (675,500 MT), Egypt (66,800 MT), Mexico (55,100 MT), Japan (54,700 MT), Tunisia (29,400 MT), and Spain (28,000 MT).   

Soybean futures closed higher on Wednesday as old-crop contracts posted gains again as USDA confirmed more sales of U.S. soybeans to China. On Thursday futures opened 4 to 5 cents lower.

  Sales 549,108 1,159,407 -610,299
Average 589,198 646,979 618,503
High 1,159,407 2,726,720 1,159,407
Low 281,289 8 308,430

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