Soybean sales drop 35 percent

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According to the USDA latest U.S. Export Sales report, soybean net sales of 598,000 MT were down 35 percent from last week, but up 14 percent from the 4-week average.  

Increases were primarily for unknown destinations (147,500 MT), Mexico (126,100 MT), China (117,300 MT, including 68,000 MT switched from unknown destinations and decreases of 12,300 MT), the Netherlands (60,500 MT, including 70,000 MT switched from unknown destinations and decreases of 9,500 MT), and Japan (38,700 MT).  Net sales of 1,134,000 MT for delivery in the 2012/2013 marketing year were primarily for China (675,000 MT) and unknown destinations (394,000 MT).  

Exports of 436,200 MT were reported primarily to China (178,700 MT), Mexico (95,500 MT), the Netherlands (60,500 MT), Egypt (37,100 MT), Indonesia (21,900 MT), and Japan (13,200 MT).

Soybean futures closed on Wednesday as favorable U.S. growing weather weighed down on soybeans as it did against wheat and corn. On Thursday futres were forecast to open steady to a nickel lower.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 597,955 926,225 -328,270
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 576,807 591,645 598,058
High 1,015,167 1,159,407 1,159,407
Low 356,677 209,702 308,430
 
 
Chart

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