Soybean sales drop 19 percent

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According to the USDA's latest U.S. Export Sales report, soybean net sales of 374,300 MT were down 19 percent from the previous week and 12 percent from the prior 4-week average.  Increases were primarily for China (127,200 MT), Turkey (72,900 MT, including 60,000 MT switched from unknown destinations), unknown destinations (54,000 MT), the Netherlands (52,800 MT, including 70,000 MT switched from unknown destinations and decreases of 17,200 MT), and Mexico (28,900 MT).  Net sales of 845,000 MT for delivery in the 2012/2013 marketing year were for China (615,000 MT), unknown destinations (170,000 MT), and France (60,000 MT).  

Exports of 493,600 MT were reported primarily to China (183,400 MT), Turkey (63,900 MT), the Netherlands (52,800 MT), Japan (44,800 MT), Mexico (33,200 MT), and Tunisia (29,100 MT).

Optional Origin Sales:   For MY 2011/2012, no soybean optional origin sales activity was reported this week.  Optional origin outstanding sales total 110,000 MT, all China.

Soybean futures ended lower on Wednesday as commodity traders were back trying to reduce risks and one way was to pare back on the long-side exposure. Futures opened 10 to 16cents higher on Thursday as positive developments in the corn market provided spill-over support for the soybeans sector.

  Sales 374,276 460,136 -85,860
Average 583,995 565,652 576,187
High 1,159,407 1,159,407 1,159,407
Low 356,677 209,702 308,430

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